Gold - April 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading near $1739 per ounce on Wednesday. Gold June future contract at MCX were trading over half a percent up at Rs. 46210 per 10 grams by noon session on sharp rupee depreciation.

Gold prices were supported by dollar decline and ease in US bond yields. The dollar index fell to two weeks low boosting buying in bullion on fading hopes for US policy tightening. We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at $1720 and resistance at $1760. MCX Gold June support lies at Rs. 45800 and resistance lies at Rs. 46500.

Source : Equity Bulls

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