Gold - June 22, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading near $1777 per ounce on Tuesday. Gold August future contract at MCX were trading down by 0.35% at Rs. 46909 per 10 grams by noon session.

Gold prices traded cautious paring early gains ahead of testimony of US FED chairman Jerome Powell. Earlier, gold prices were supported by weaker dollar and plunge in US bond yields. The 10 year US Treasury yields fell to 1.43% boosting buying in gold.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1760 and resistance at $1800 per ounce. MCX Gold August support lies at Rs. 46700 and resistance at Rs.47200 per 10 gram.

Source : Equity Bulls

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