Gold may steadily march towards upwards on Monday in domestic and futures market with June contracts likely to test Rs 28,000.

However, things are not as bright as they seem to be as holdings in gold’s biggest trust, SPDR, fell further by 0.66 per cent on Friday; and hedge funds and money managers have cut their bullish bets on gold in the week ending April 24.

Goldman Sachs, on the other hand, has ended its bearish call on gold.

In early Asian trade, gold increased to a week’s high of $1,467.38 an ounce in Singapore, while gold futures maturing in June were up at $1,468.70.

In the domestic market on Saturday, gold for jewellery (99.5% purity) was up at Rs 27,380 for 10 gm and pure gold (99.9% purity) rose to Rs 27,510.

Any rise in the dollar against the rupee will also aid the trend as a weaker Indian currency makes import of commodities such as gold, crude oil and vegetable oils costlier.

Crude oil is likely to come under pressure after data showed that US economic growth was lower than forecast. US is the largest consumer of crude oil. In early trade, Brent crude oil June contracts fell to $102.75 a barrel and West Texas Intermediate (NYMEX) slipped to $92.57 a barrel.

The oils and oilseeds market could recover after the continuous slump it has been witnessing. While export demand for US soyabean is seen aiding an uptrend, fears over bird flu in China affecting oilmeal consumption will curb any sharp gains.

In early trade, Chicago Board of Trade (CBOT) soyabean July contracts were up at $13.86 a barrel. On Bursa Malaysia Derivatives Exchange, crude palm oil for July delivery was up at 2,315 ringgit ($763) a tonne during the weekend.

Projections of a 10 per cent rise in corn (industrial maize) production during 2013-14 will see the grains complex slipping.

In early trade, corn July contracts ruled at $6.30 a bushel, while wheat contracts for the same month quoted at $7.02 a bushel.

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