Gold - May 27, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading up at $1900 per ounce Thursday. Gold June future contract at MCX were trading marginal down at Rs. 48670 per 10 grams by noon session pressured by stronger rupee.

Gold prices held grounds near $1900 per ounce as investors gauged inflation worries speculating US FED will soon start to unwind stimulus measures. Federal Reserve Vice Chairman for Supervision Randal Quarles said on Wednesday that it will be important for the U.S. central bank to begin discussing in coming months plans to reduce its massive bond purchases. Market is awaiting US GDP and jobless claims data due in evening session.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1890 and resistance at $1920 per ounce. MCX Gold June support lies at Rs. 48500 and resistance at Rs. 49000 per 10 gram.

Source : Equity Bulls

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