NEW DELHI: Gold prices suffered losses in futures trade on Thursday as strong gains in equities eroded the appeal of the yellow metal as a safe-haven asset.
Rupee’s rise against the US dollar also exerted pressure on gold prices while lacklustre trend overseas further weighed on.
Crude oil, too, was subdued as oil prices dipped in international markets extending bigger falls from the previous session, as surging US crude inventories and weak demand from refineries weighed on markets.
The MCX Gold was trading at Rs 31,359 per 10 grams, down by Rs 63, while the MCX Crude oil was trading at Rs 4,247 per barrel, lower by Rs 29 around 11:40 am.
We bring you projections on various commodities by brokerage SMC Global Securities. Take a look.
Bullion: MCX Gold may test Rs 31,200, taking resistance near Rs 31,500 while MCX Silver can test Rs 36,000, taking resistance near Rs 36,400.
Base metals: Base metals may remain on the weaker side, the brokerage said. Copper may dip lower towards Rs 407 on MCX. Zinc can test Rs 208, taking resistance near Rs 214. Lead may test Rs 123, facing resistance near Rs 128. Nickel may test Rs 820, taking resistance near Rs 845. Aluminium prices may test Rs 142, taking resistance near Rs 146.
Energy: Crude oil may test Rs 4,200, taking resistance near Rs 4,320. Natural gas may test Rs 175 while taking resistance near 181.
Spices: Turmeric futures (June) is expected to trade sideways in the range of Rs 7,140-7,270 levels. Jeera futures (June) is seen taking support near Rs 17,350. Cardamom futures (June) may get support near Rs 2,195. Coriander futures (June) is expected to take support near Rs 7,500 and any sharp downside may remain capped.
Oilseeds: Soybean futures (June) is expected to trade sideways in the range of Rs 3,675-3,725 levels. Soy oil futures (June) is expected to see the level of Rs 743-744, taking support near Rs 740. CPO futures (June) may crash towards Rs 515-512 levels. Mustard futures (June) is expected to consolidate and trade with an upside bias in the range of Rs 3,910-3,940 levels.
Other commodities: Cotton futures (may) is expected to witness a correction towards Rs 20,940. Guar seed futures (June) is likely to witness selling pressure and test Rs 4,380, while guar gum futures (June) is expected to witness correction towards Rs 8,745-8,700, if breaks Rs 8,780.