Gold - April 8, 2021 Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded up with COMEX spot gold prices were trading near $1745 per ounce on Thursday. Gold June future contract at MCX were trading up at Rs. 46512 per 10 grams by noon session.

Gold prices traded up as traders and investors tracked dollar and bond yields over FED minutes. The FED minutes showed that the central bank is committed to its ultra-low interest rates policy tracking US economic recovery. The dollar index traded weak on accommodative US FED stance boosting buying in gold.

We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at $1730 and resistance at $1760. MCX Gold June support lies at Rs. 46200 and resistance lies at Rs. 46700.

Source : Equity Bulls

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