Gold - June 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading down at $1892 per ounce Thursday. Gold August future contract at MCX were trading over half a percent down at Rs. 49270 per 10 grams by noon session.

Gold prices witnessed selling from five month highs traded below $1900 as investors weighed FED comments digesting weak Chinese data. The US FED officials said to scale back bond buying slowly when economy has made substantial progress. The traders and investors will await for today's US ADP payroll data in the evening session. The dollar index gained for the second day above 90 and was trading 0.21% up for the day.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1880 and resistance at $1910 per ounce. MCX Gold August support lies at Rs. 48950 and resistance at Rs. 49600 per 10 gram.

Source : Equity Bulls

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