Gold is likely to rule lower on Monday based on the sharp fall in global prices on Friday. However, the fall could be offset by gains on reports of Russia and Kazhakhstan central banks buying the yellow metal.

The rupee’s movement against the dollar will also have a say in the direction that gold takes.

In early trade in Singapore, gold ruled at $1,661.45 an ounce, while gold for delivery in February was quoted at $1,660.70.

On Friday, gold for jewellery (99.5 purity) closed at Rs 30,880 for 10 gm, while pure gold (99.9 purity) ended at Rs 31,030.

Oils, oilseeds

The oils and oilseeds complex could be bearish despite the Chicago Board of Trade (CBOT) soyabean gained on Monday after Saturday’s fall. Rain in key growing areas of the US had dragged the prices on Friday.

Early on Monday, soyabean for delivery in March was quoted at $14.47 a bushel. On Bursa Malaysia Derivatives Exchange, crude palm oil for delivery in April was quoted lower at 2,445 ringgit ($803) a tonne.

Grains complex

The grains complex is likely to rule steady. Wheat and corn (industrial maize) prices were up on Monday morning after Friday’s fall in the global market.

CBOT wheat for delivery in March was quoted at $7.80 a bushel, while corn ruled at $7.24 bushel.

Crude oil

Crude oil is likely to rule higher with prices in the global market ruling at a four-month high. Natural rubber is likely to gain in sympathy as its alternative synthetic rubber derived from crude oil will rise.

Brent oil March contracts were up at $113.39 a barrel, while NYMEX crude ruled at $95.98 a barrel.

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