Gold - July 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading near $1793 per ounce on Monday. Gold August future contract at MCX were trading marginal up at Rs. 47362 per 10 grams by noon session limiting upside on rupee appreciation.

Gold prices continued upside for the fourth straight day as few of central banks have started buying gold on higher inflation. The central banks of Serbia, Ghana and Thailand have increased their gold holdings recently. The decline in dollar index boosted buying in gold for the day.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1770 and resistance at $1800 per ounce. MCX Gold August support lies at Rs. 47000 and resistance at Rs.47600 per 10 gram.

Source : Equity Bulls

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