Gold - March 26, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading near $1726 per ounce on Friday witnessing muted trading. Gold April future contract at MCX were trading marginal down at Rs. 44545 per 10 grams by noon session with additional pressure from stronger rupee.

Gold prices witnessed selling on stronger dollar as investors and traders weighed weaker Euro and peer currencies boosting buying in dollar. The rise in bond yields on treasury auction also pressured gold prices to trade weak despite of pandemic worries over Europe.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1710 and resistance at $1740. MCX Gold April support lies at Rs. 44200 and resistance lies at Rs. 44800.

Source : Equity Bulls

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