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Below are Quote and Outlook on Gold By Mr. Abhishek Bansal, Founder Chairman, Abans Group. 

Weaker bond yields and mounting delta variant cases helped boost gold prices

Gold prices have rebounded from a recent low of $1795 and are now trading above $1815, aided by a decline in US bond yields and fears about a steady rise in Delta variant infections; nevertheless, the dollar index's strength is limiting gains.

A drop in global bond yields is a positive sign for gold. On Monday, the yield on the 10-year Treasury note fell to 1.174 percent, the yield on the German 10-year bond fell to -0.402 percent, and the yield on the 10-year UK gilt fell to 0.516 percent, all of which were 5-1/4 month lows. The dollar index rose to a three-and-a-half-month high on Monday, putting downward pressure on precious metals prices.

Rising coronavirus cases in the United States and other nations have fueled fears of a pandemic return, and gold prices have been underpinned by safe-haven demand. The increased number of COVID-19 cases around the world is anticipated to have an impact on gold prices. According to Johns Hopkins University, the global COVID-19 caseload has surpassed 190.8 million, with over 4.09 million deaths, with Russia, Vietnam, and Myanmar emerging as new hotspots of cases, albeit immunizations have surpassed 3.64 billion.

On the economic front, the July NAHB housing market index in the United States unexpectedly dipped -1 point to an 11-month low of 80, falling short of expectations of stable at 81.

The net long position in gold futures climbed by 20595 contracts to 182824 contracts for the week ended July 6, according to the CFTC Commitments of Traders report. 16339 contracts were added to the speculative long position, while 4256 contracts were removed from the short position.

Gold prices are expected to find significant support about $1784-$1773, while immediate resistance is expected near $1830-1842.