Gold - April 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading marginal down to $1727 per ounce on Monday. Gold June future contract at MCX were trading steady at Rs. 45403 per 10 grams by noon session as weaker rupee capped downside.

Gold prices traded under pressure with rise in US treasury yields despite of weaker dollar. The 10 year US Treasury yields were up at 1.72% on Monday. Gold prices have witnessed sharp rebound from key support levels of $1680 after infrastructure package announcement.

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 June support lies at Rs. 45100 and resistance lies at Rs. 45600.

Source : Equity Bulls

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