Gold - Sep 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading 0.26% up to $1798 per ounce on Wednesday. Gold October future contract at MCX were trading 0.40% higher at Rs. 47125 per 10 grams by noon session.

Gold prices witnessed some recovery paring some previous losses on Wednesday. Gold prices are still trading below $1800 with stronger dollar. The dollar index rose to one week high near 92.67 while 10 year US Treasury yields fell to 1.348% from 1.385% for the day providing support to gold prices. Market players will eye for FED's Beige Book tonight to get clue on the growth of US economy.

We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1815 and support at $1790 per ounce. MCX Gold October support lies at Rs. 46800 and resistance at Rs.47200 per 10 gram.

Source : Equity Bulls

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