Gold - April 19, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading half a percent up at $1786 per ounce on Monday. Gold June future contract at MCX were trading up by 0.82% at Rs. 47740 per 10 grams by noon session over sharp rupee depreciation.

Gold prices rallied on weaker dollar and fall in US bond yields. The investors' appetite for hedge against inflation also triggered buying in yellow metal despite of positive economic data from US. Gold prices also gained on pandemic worries with rising cases and partial lockdown in India and Brazil along with Europe.

We expect gold prices to trade higher for the day with COMEX spot gold support lies at $1770 and resistance at $1800. MCX Gold June support lies at Rs. 47400 and resistance lies at Rs. 48000.

Source : Equity Bulls

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