Commodity prices were mixed as bullion prices continued the upside while Crude oil prices traded lower during last week. Base metals complex traded mixed with Copper, Aluminium and Lead prices reporting gains while Zinc and Nickel witnessed selling. The decline in dollar index and rising virus cases kept commodity prices volatile for the week.
Bullion prices traded strong for the third consecutive week on safe-haven buying on heightened risk sentiment amid fear of slower economic recovery. The spot gold prices at COMEX rose by more than 1 percent ended at $1,771 per ounce for the week. The rapidly rising virus cases in the US, Beijing, Australia and South Americas sent bullish signal to the investors.
Gold prices rose sharply amid hopes of further stimulus measures which may raise demand for gold for dollar debasement. The Gold ETF holdings continues to hit highs as holdings at SPDR Gold Shares rose to 1,178.90 tonnes on Friday.
Gold prices may continue to trade higher in medium term as COMEX spot Gold prices are set to hit $1800 per ounce. Prices are facing near term resistance at $1,780 per ounce with support at $1,760/$1,740 per ounce. At MCX, Gold August prices have near term resistance at Rs 48,600 per 10 grams and support at Rs 47,600 per 10 grams. MCX Gold August futures may touch Rs 49,000 per 10 grams this week.
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Commodity prices were mixed as bullion prices continued the upside while Crude oil prices traded lower during last week. Base metals complex traded mixed with Copper, Aluminium and Lead prices reporting gains while Zinc and Nickel witnessed selling. The decline in dollar index and rising virus cases kept commodity prices volatile for the week.
Bullion prices traded strong for the third consecutive week on safe-haven buying on heightened risk sentiment amid fear of slower economic recovery. The spot gold prices at COMEX rose by more than 1 percent ended at $1,771 per ounce for the week. The rapidly rising virus cases in the US, Beijing, Australia and South Americas sent bullish signal to the investors.
Gold prices rose sharply amid hopes of further stimulus measures which may raise demand for gold for dollar debasement. The Gold ETF holdings continues to hit highs as holdings at SPDR Gold Shares rose to 1,178.90 tonnes on Friday.
Gold prices may continue to trade higher in medium term as COMEX spot Gold prices are set to hit $1800 per ounce. Prices are facing near term resistance at $1,780 per ounce with support at $1,760/$1,740 per ounce. At MCX, Gold August prices have near term resistance at Rs 48,600 per 10 grams and support at Rs 47,600 per 10 grams. MCX Gold August futures may touch Rs 49,000 per 10 grams this week.
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