Gold is likely gain in the domestic market with prices ruling below Rs 30,000 for 10 gm likely to attract buyers. A weak rupee may also aid the uptrend.

In the Asian trade, gold gained as buyers entered the market for value-buying. In Singapore, gold prices increased to $1,616.50 an ounce, while gold for April contract ruled at $1,615.90.

In the domestic market on Saturday, gold for jewellery (99.5 per cent purity) fell to Rs 29,890 for 10 gm and pure gold (99.9 per cent purity) slid to Rs 30,030.

Dollar movement

Currency movements will also have a say in gold’s movement. Any rise in the dollar that makes the import of commodities such as gold, crude oil and vegetable oil costlier will see rise in gold prices.

Oils and oilseeds complex could look to stabilise after last week’s hammering by the bears. Soyabean gained in early Asian trade to $14.14 a bushel. On Bursa Malaysia Derivatives Exchange, crude palm oil dropped to 2,481 a ringgit ($802) a tonne.

Grains complex could also seen some value-buying with corn (industrial maize) and wheat showing tendency to rise in Asia. Wheat for May contract rose to $7.48 a bushel, while corn contracts ruled at $6.97 a bushel.

Crude oil

Crude oil is likely to be range-bound with Brent gaining a tad after Saudi Arabia reported a fall in crude oil exports to a 15-month low. On the other hand, NYMEX crude slid on bearish US industrial data.

Brent crude for April contract was up at $117.75 a barrel, while NYMEX crude for delivery in March slipped to $95.73.

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