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A pause in equities rally and lower prices attracting buyers could help gold prices climb up on spot and futures markets on Friday. But the outlook for the yellow metals is clouded as a poll by Credit Suisse was bearish on the precious metal and billionaire George Soros was among those very many who cashed out of gold.
The strength in the dollar is not helping the yellow metal’s either. In the domestic market, the rise in the dollar could make imports of commodities such as gold, crude oil and vegetable oils dearer, though.
In early Asian trade, spot gold looked up a tad at $1,385.63 an ounce, while gold futures maturing in June ruled at $1,383.80.
In the domestic market on Thursday, gold for jewellery (99.5% purity) fell to Rs 26,210, while pure gold (99.9% purity) dipped to Rs 26,350 for 10 gm.
On MCX, gold June contracts may trade between Rs 25,500 and Rs 26,650, while August futures could swing between Rs 26,000 and Rs 27,000.
Crude range-bound
Crude oil is likely to be range-bound as the counter is caught between eight-decade high inventories and green shoots appearing in economy.
Brent crude for July delivery was quoted at $103.8 a barrel in early trade, while West Texas Intermediate (NYMEX) crude for the same month was at $95.02.
OILSEEDS TO HEAT UP
The oils and oilseeds complex could finally look up on Friday with soyabean gaining the most in a week on the Chicago Board of Trade (CBOT). This is because of continuous demand for US beans from China. Problems in Brazil ports due to strike is also compounding the issue. Besides, lower planting of soyabean in the US is also aiding the uptrend.
CBOT soyabean for delivery in July rose to $14.15 a bushel, while crude palm oil contracts for July on Bursa Malaysia Derivatives Exchange increased to 2,332 ringgit ($775) a tonne.
The grains complex could rule steady as corn (industrial maize) sowing picks up, while wheat was flat on prospects of record global crop.4
CBOT corn July contracts ruled at $6.4375 a bushel in Chicago, while wheat contracts for the same month were unchanged at $6.875 a bushel.
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