Gold could be range-bound on Friday with an upward bias with prices in the domestic market below Rs 30,000 for 10 gm likely to encourage buying. A strong dollar could also aid the trend, though globally it could be a trigger to beat the counter down.

However, a strong dollar against the Indian currency makes imports of commodities such as gold, vegetable oils and crude oil costly. But investors losing interest in gold as a haven asset is likely to curb any sharp rise.

In early trade at Singapore, spot gold quoted at $1,581.85, while gold April contracts ruled at $1,580.70.

In the domestic market on Thursday, gold for jewellery (99.5% purity) dropped to Rs 29,520 for 10 gm and pure gold to Rs 29,655.

The oils and oilseeds complex could warm up to export demand for US soyabean and some technical correction. On the Chicago Board of Trade (CBOT), soyabean for delivery in March ended higher at $14.74-1/4 a bushel. On Bursa Malaysia Derivatives Exchange, crude palm oil May contract on Thursday slipped to 2,396 ringgit ($776) a tonne.

The grains complex is likely to rise with wheat gaining since its discount to corn (industrial maize) has narrowed forcing people to look at it for feed purpose. On the other hand, corn gained on CBOT as its current low is encouraging purchases.

On CBOT, corn for delivery in March gained at $7.19-1/2 a bushel and wheat for delivery the same month was up at $7.07-3/4 a bushel.

A higher production by the oil cartel Organisation of Petroleum Exporting Countries is dragging the crude oil complex. In early trade, Brent for April delivery fell to $111.07 a barrel and NYMEX crude to to $91.66 a barrel.

Natural rubber could also come under pressure as its alternative synthetic rubber derived from crude oil will likely weaken. China’s huge inventories could also play a hand.

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