Gold - April 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading up at $1719 per ounce on Thursday. Gold June future contract at MCX were trading half a percent up at Rs. 45166 per 10 grams by noon session as weaker rupee provided additional support.

Gold prices witnessed sharp rebound from the key support levels recovering from the bear territory. Gold prices got support from ease in US bond yields and decline in dollar index after US President unveiled multi trillion dollar infrastructure investment plan. We expect gold prices to trade sideways to down for the day on mixed global cues with dollar resuming rally in the morning trade against peer currencies.

We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at $1690 and resistance at $1740. MCX Gold June support lies at Rs. 44800 and resistance lies at Rs. 45400.

Source : Equity Bulls

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