Gold is likely to come under pressure in the domestic market with most of the Asian markets closed for the Chinese New Year.
A rising dollar that makes import of commodities such as gold, crude oil and vegetable oils cheaper will add to the pressure.
In early trade in Singapore, gold tended to rise but pared its gains soon after. It was last quoted at $1,667.50 an ounce, while gold futures for delivery in March rose to $1,669. 10.
In the domestic market on Saturday, gold for jewellery (99.5 per cent purity) gained to Rs 30,485 for 10 gm, while pure gold (99.9 per cent purity) closed higher at Rs 30,625.
Oils & oilseeds
The oils and oilseeds complex is likely to dip after data from the US showed higher stocks of soyabean globally. In particular, the Brazil Government’s report of a record crop will put pressure on the complex.
In early trade, soyabean March contract on the Chicago Board of Trade was quoted at $14.38 a bushel. On the Bursa Malaysia Derivatives Exchange, crude palm oil for delivery in April closed at 2,560 ringgit ($833) a tonne on Friday.
Corn (industrial maize) and wheat are likely to decline on reports of rain in US Midwest and better crop in South America. On CBOT, wheat for delivery in March ruled at $7.56 and corn at $7.06.
Crude oil
Crude oil could see an uptrend with Brent crude rising to a nine-month high following Iran’s statement that its progress in nuclear technology cannot be stopped.
Brent March contract rose to $118.88 a barrel, while NYMEX crude was up at $95.74 a barrel.