Gold - Aug 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading near $1810 per ounce on Tuesday. Gold October future contract at MCX were trading 0.47% down near at Rs. 47858 per 10 grams by noon session.

Gold prices Gold prices traded weak despite of dollar weakness as market players are eyeing US job market report this week. The job market report will indicate the upcoming FED stance on taping of asset purchase. Gold ETF holdings at SPDR gold shares fell to 1029.71 tonnes from previous week's 1031 tonnes.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1820 and support at $1795 per ounce. MCX Gold October support lies at Rs. 47600 and resistance at Rs.48000 per 10 gram.

Source : Equity Bulls

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