Gold - May 10, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading at $1837 per ounce on Monday. Gold June future contract at MCX were trading up at Rs. 47951 per 10 grams by noon session.

Gold prices rallied after US reported disappointed job numbers as US unemployment rate rose by 6.1% in April. Gold prices traded higher on weaker dollar and fall in US bond yields. The dovish FED stance and inflation worries may keep gold prices up in near term.

We expect gold prices to trade up for the day with COMEX gold support at $1820 and resistance at $1850 per ounce. MCX Gold June support lies at Rs. 47700 and resistance at Rs. 48200 per 10 gram.

Source : Equity Bulls

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