Gold - July 12, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading marginal down near $1804 per ounce on Monday. Gold August future contract at MCX were trading 0.35% down at Rs. 47755 per 10 grams by noon session.

Gold prices traded lower on frim dollar index and mixed global cues. Gold prices kept lower trading range as traders and investors are awaiting for key US inflation data on Tuesday and FED chairman testimony during the week.

Earlier, Gold prices reported third weekly gain with fall in US treasury yields and Delta virus spreading. We expect gold prices to trade sideways to down 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.48000 per 10 gram.

Source : Equity Bulls

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