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Gold is likely to be range-bound on Thursday in the domestic market as the yellow metal was unchanged in early trade and the dollar was flat against the euro.
Trade and investors are looking for cues from China’s purchasing managers index data, due later in the day for further direction. The dollar was soft on fears that damage wrought by Hurricane Sandstorm could affect economic growth in the US.
Spot Gold was quoted at $ 1,719.96 an ounce in early trade, down from week’s high seen in early European trade on Wednesday. Gold for December delivery was a tad higher at $ 1,720.80.
In the Mumbai bullion market on Wednesday, Gold for jewellery (99.5 purity) slid marginally to Rs 30,950 for 10 gm on Tuesday. Pure Gold (99.9 purity) ended unchanged at Rs 31,090.
Currency movements could be negated by demand for festival and marriage season.
The oil and oilseeds market could witness a rise as soyabean on the Chicago Board of Trade (CBOT) increased in early trade, adding to overnight gains. The counter is gaining on fears over South American crop and talk of Chinese demand.
On CBOT, soyabeans for November delivery was up at $ 15.50-1/2 a bushel. Crude palm oil January contracts on the Bursa Malaysia Derivatives Exchange ended lower at 2,496 ringgit ($ 819) a tonne on Wednesday.
Grains are likely to rule firm with corn (industrial maize) and wheat gaining on CBOT. In early trade, corn for December delivery ruled higher at $7.55-1/2 a bushel and December wheat futures increased to $ 8.671-1/4 a bushel.
Crude oil is likely to come under pressure after prices dropped as refineries in the US east coast began operations. This is likely to influence the movement of natural rubber.
Brent crude oil for delivery in December slid to $ 108.70 a barrel and NYMEX crude for the same contract was a tad higher at $ 86.24 a barrel.
With the new month beginning, sugar could gain, though the counter was down in the global market. Raw sugar futures for March delivery were quoted at 19.49 cents a pound, while white sugar in London was down at $ 542.50 a tonne.
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