Gold - March 31, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading marginal down to $1684 per ounce on Wednesday. Gold June future contract at MCX were trading steady at Rs. 44390 per 10 grams by noon session as weaker rupee capped downside.

Gold prices extended decline for the third consecutive day with surge in US bond yields and stronger dollar over US economic recovery optimism. The 10 year US bond yields rose to 1.77% attracting investment switch. The dollar index rallied above 93 mark as traders and investors are awaiting infrastructure bill announcement from US President Joe Biden.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1660 and resistance at $1700. MCX Gold June support lies at Rs. 44000 and resistance lies at Rs. 44600.

Source : Equity Bulls

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