NEW DELHI: Gold prices climbed in futures trade on Monday, taking support from the weakness of rupee while a volatile equity market boosted the appeal of gold as a safe-haven asset.
An uptick in demand by jewellers at spot market and positive global sentiment, too, pushed gold prices higher.
Crude oilNSE 0.23 % prices were elevated, tracking positive global cues. Global oil prices climbed on Monday as tensions remain high between Iran and the United States.
Around 11:05 am, the MCXNSE 1.58 % Gold traded at Rs 34,310 per 10 grams, up Rs 143, while MCX Crude oil traded Rs 4,035 per barrel, up Rs 18.
Let’s take a look at how various commodities may fare today, as projected by brokerage SMC Global Securities.
Bullion: Gold can move higher to Rs 34,550, taking support near Rs 34,200, while silver can move higher towards Rs 38,500, taking support near Rs 38,000.
Base metals: Base metals may trade with an upside bias. Copper may remain on a positive path and can test Rs 420. Zinc can test Rs 202, taking support near Rs 198. Lead may test Rs 154, taking support near Rs 150. Nickel may also recover towards Rs 900, taking support near Rs 880. Aluminium may test Rs 144, taking support near Rs 140.
Energy: Crude oil may scale higher towards Rs 4,070, taking support near Rs 3,970. Natural gas may witness short covering towards Rs 157, taking support near Rs 150.
Spices: During the past week, turmeric futures (July) nosedived to a month low of Rs 6,304, taking negative cues from the spot markets. It is expected that the counter may continue to trade with a bearish sentiment and may test Rs 6,200-6,100 if breaks the support near Rs 6,300. Jeera futures (July) is likely to consolidate in the range of Rs 17,100-17,380 levels, with upside getting capped. The July contract of cardamom futures may head towards Rs 2,985.
Oilseeds: The correction in soybean futures (July) may take a pause taking support near Rs 3,570-3,550 levels. Mustard futures (July) is expected to witness an upside momentum towards Rs 3,960-3,990, taking support near Rs 3,890. Soy oil futures (July) will probably take support near Rs 738-736 levels. CPO futures (July) is likely to take support near Rs 509 and move higher towards Rs 522.
Other commodities: Cotton on MCX may trade sideways in the range of Rs 21,500-21,800. Castor seed futures (July) would probably continue to remain bearish and it may descend towards Rs 5,300-5,250 levels.