Gold - Aug 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices fell below $1800 per ounce on Friday. Gold October future contract at MCX were trading marginal down near at Rs. 47520 per 10 grams by noon session.

Gold prices witnessed selling with rise in US bond yields and hawkish tone from US FED. The 10 year US Treasury yields rose to 1.20% recovering from 1.12%. The traders and investors will eye for key US payroll data on Friday evening.

We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1810 and support at $1790 per ounce. MCX Gold October support lies at Rs. 47200 and resistance at Rs.47800 per 10 gram.

Source : Equity Bulls

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