Gold - May 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading at $1792 per ounce on Thursday. Gold June future contract at MCX were trading up at Rs. 47147 per 10 grams by noon session.

Gold prices witnessed recovery after US treasury secretary clarify over her previous statement on interest rates. She clarified that she neither predicting nor recommending hike in key interest rates. Gold prices also got support from weaker dollar as traders and investors are waiting key US data.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1770 and resistance at $1800 per ounce. MCX Gold June support lies at Rs. 46900 and resistance at Rs. 47500 per 10 gram.

Source : Equity Bulls

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