Gold - July 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading up near $1805 per ounce on Friday. Gold August future contract at MCX were trading marginal up at Rs. 47823 per 10 grams by noon session.

Gold prices kept firm with fall in US treasury yields. The 10 year US Treasury yields fell to the lowest level since February dipping below 1.25%. The rising worries over fast spreading Delta variant supported buying in precious metals with fall in equity indices.

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. 47500 and resistance at Rs.48100 per 10 gram.

Source : Equity Bulls

Keywords