Gold - April 12, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading down at $1737 per ounce on Monday. Gold June future contract at MCX were trading marginal down at Rs. 46535 per 10 grams by noon session as weaker rupee capped downside.

Gold prices kept steady trading range after witnessing some profit booking on Friday. The weaker dollar and fall in US bond yields over inflation concerns have supported gold prices to trade up. The covid worries are also adding risk premium to the prices.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1720 and resistance at $1755. MCX Gold June support lies at Rs. 46300 and resistance lies at Rs. 46800.

Source : Equity Bulls

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