Gold - Aug 17, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded near $1793 per ounce on Tuesday. Gold October future contract at MCX were trading 0.43% up near at Rs. 47428 per 10 grams by noon session.

Gold prices extended weekly gains witnessing recovery from day's low on wake of disappointing economic data and worries over fast spreading Delta variant cases. The fall in US bond yields supported bullion rally which fell to 1.23% for the day.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1810 and support at $1770 per ounce. MCX Gold October support lies at Rs. 47200 and resistance at Rs.47700 per 10 gram.

Source : Equity Bulls

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