Gold - April 16, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading up at $1766 per ounce on Friday. Gold June future contract at MCX were trading half a percent down at Rs. 46916 per 10 grams by noon session over sharp rupee appreciation.

Gold prices rallied supported by dollar decline and fall in US bond yields. The 10 year US treasury yields fell to 1.54% for the day. Gold prices also got boost after US imposes sanctions on Russia which added geopolitical risk premium to the prices.

We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at $1750 and resistance at $1785. MCX Gold June support lies at Rs. 46600 and resistance lies at Rs. 47200.

Source : Equity Bulls

Keywords