Gold - March 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded down with COMEX spot gold prices were trading 0.74% lower to $1698 per ounce on Tuesday. Gold June future contract at MCX were trading steady at Rs. 44605 per 10 grams by noon session as weaker rupee capped downside by gaining 70 paisa against the dollar.

Gold prices witnessed selling with COMEX gold fell to two weeks low on stronger dollar and rise in US treasury yields. The 10 year US Treasury yields rose to 1.70% while dollar index soared above 93 mark. The yellow metals traded under pressure on risk on sentiments ahead of US President Joe Biden's infrastructure bill push.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1680 and resistance at $1710. MCX Gold June support lies at Rs. 44200 and resistance lies at Rs. 44800.

Source : Equity Bulls

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