Gold - Oct 5, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading half a percent down to $1758 per ounce on Tuesday. Gold December future contract at MCX were trading 0.49% weak at Rs. 46659 per 10 grams by noon session.

Gold prices pared previous gains on stronger dollar for the day. The dollar index was up by 0.14% in the noon session lowering demand for safe haven. Earlier, Gold prices gained on inflation worries with power shortage and rising energy costs. We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1770 and support at $1740 per ounce. MCX Gold December support lies at Rs. 46500 and resistance at Rs.46900 per 10 gram.

Source : Equity Bulls

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