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

Gold prices traded weak with COMEX spot gold prices were trading at $1880 per ounce on Thursday. Gold August future contract at MCX were trading half a percent down at Rs. 48885 per 10 grams by noon session.

Gold prices traded lower with firm dollar and despite of fall in US treasury yields. The market is awaiting for fresh cues from US inflation data due today. The 10 year US Treasury yields fell below 1.50% followed by strong auction. The US CPI data will lead to more clarity ok FED's policy actions.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1860 and resistance at $1910 per ounce. MCX Gold August support lies at Rs. 48500 and resistance at Rs.49200 per 10 gram.

Source : Equity Bulls

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