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

Gold prices traded lower with COMEX spot gold prices were trading over half a percent down near $1793 per ounce on Thursday. Gold August future contract at MCX were trading 0.53% lower at Rs. 47323 per 10 grams by noon session.

Gold prices traded down to the lowest levels in two weeks witnessed selling with rise in US bond yields and dollar index. The 10 year US Treasury yields rose to 1.28% while dollar index extended gains by 0.12% to 92.87 mark. The inflows in dollar index over rising virus worries has triggered selling in gold prices.

We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1810 and support at $1790 per ounce. MCX Gold August support lies at Rs. 47100 and resistance at Rs.47600 per 10 gram.

Source : Equity Bulls

Keywords