Gold prices inch up on Tuesday

Chennai : Gold prices inched up on Tuesday and at Comex, the metal changed hands at a slightly higher rate, said analysts.

“Gold prices traded up on Tuesday, with spot gold prices at Comex were trading higher by 0.74 per cent at $2,006.0 per ounce. Gold June future contract at MCX were trading up by 0.80 per cent at Rs 60,580 per 10 grams by noon session,” said Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities.

According to Gandhi, the yellow metal prices hovered around psychological level of $2,000 per ounce as traders await more US macro data for clues on Federal reserve policy path.

Recently gold prices got support from strong investment demand, and exchange traded funds added 3,488 troy ounces of gold to their holdings in the last trading session.

Comex spot gold likely to fluctuate within range of $1,987 to $2,010 per ounce in short term. Comex spot gold has support at $1,987/$1,980 per ounce and resistance at $2,010/$2019 per ounce for day. MCX Gold June futures have support at Rs 60,080 per 10 gram and resistance at Rs 60,870 per 10 grams, Gandhi added.

According to Navneet Damani, Senior Vice President – Commodity Research at Motilal Oswal Financial Services, the broader trend on COMEX could be in the range of $1,985-2,010 and on domestic front, prices could hover in the range of Rs 59,800-Rs 60,800 could be expected.