Gold - July 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading up near $1806 per ounce on Thursday. Gold August future contract at MCX were trading marginal up at Rs. 47952 per 10 grams by noon session.

Gold prices recovered in day trade after witnessing some selling post US FOMC minutes and stronger dollar on US FED tapering expectations. Gold prices were supported by fall in US treasury yields as 10 year treasury yields declined to 1.278% marking the lowest levels since February. The US FED also raised concerns over rise in Delta variant cases which may slowdown economic recovery.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1790 and resistance at $1820 per ounce. MCX Gold August support lies at Rs. 47600 and resistance at Rs.48200 per 10 gram.

Source : Equity Bulls

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