Oil is set for some wild swings during the week as OPEC+ members meet on December 4 to discuss production cuts and the European Union’s Russian oil price cap kicks in. Moscow has said it will not accept the price cap
Any correction in precious metals prices could be a good buying opportunity today. Gold has support at Rs 52000 and resistance at Rs 56000, said Nirpendra Yadav of Swastika Investmart.
According to Geojit , Mixed trend was seen in NCDEX spices complex on Thursday. Jeera futures were up on firm demand.
Changes to the windfall tax will be effective from Friday, December 2, the order said.
Commercial mining would be important to achieve the goal of energy security, he said.
The focus will now shift to the US non-farm payrolls print later this week. The near-term outlook remains positive. However, traders will watch for the data prints to take further cues, said Ravindra Rao of Kotak Securities.
According to Geojit , Spices traded steady to weak on NCDEX on Wednesday. Jeera futures ended rather flat on improved demand, while coriander and turmeric futures were down.
Brent crude futures rose 5 cents, or 0.06%, to $87.02 per barrel by 0115 GMT while U.S. West Texas Intermediate crude futures rose 16 cents, or 0.2%, to $80.71.
Gold is set for a 7.8% monthly rise, which would be its best since July 2020, and follows a seven-month long losing streak.
The euro was one of the better performers, rising by as much as 0.3% ahead of euro zone inflation data that could show the first deceleration since June last year.
India is a fundamentally strong long-term growth story. Therefore, every opportunity should be used to buy on decline and not sell on rally
The current economic scenario and geopolitical tension may support bullion prices. On the technical front, Rs 52500-52400 is a good support zone for gold. We expect prices to trade in a range between Rs 52500 and Rs 53200 levels this week, said Deveya Gaglani of Axis Securities.
According to Geojit , Spices rose on NCDEX on Tuesday. Coriander futures rose to one week high on improved demand.
Brent crude futures were up 65 cents or 0.8% at $83.68 per barrel by 0132 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 68 cents or 0.9% to $78.88 per barrel.
Protests against further lockdowns in China due to rising COVID cases could see a harsh clampdown, which could hurt economic activity. Here are the scenarios that could play out
The focus now shifts to the US consumer confidence data due later today. Weak data may support a bullion rally on the back of a weakening dollar, says Ravindra V Rao of Kotak Securities
Spot gold was up 0.3% to $1,745.22 per ounce as of 0251 GMT. U.S. gold futures rose 0.3% to $1,745.40.
According to Geojit , Mixed moves were witnessed in NCDEX spices complex on Monday. Jeera futures bounced back after hitting multiweek low on concerns over supplies, while coriander and turmeric futures ended largely unchanged.
Crude oil in Shanghai followed international markets lower, plunging as much as 5.6%. Cooking oil futures in Dalian tumbled as much as 3% on concerns over the threat to demand at restaurants and hotels already reeling from lockdowns.
Manoj Kumar Jain of Prithvi Finmart Commodity Research expects gold and silver to remain volatile this week ahead of the US quarterly GDP data and ADP non-farm employment data and continue to hold their respective support levels.
According to Geojit , Spices complex on NCDEX was in red on Friday, with jeera futures hitting is lowest level in five weeks.
Spot gold was down 0.2% at $1,752.66 per ounce, as of 0016 GMT. U.S. gold futures fell 0.1% to $1,751.80.
The decree will forbid dealings with both companies and countries that join the price-cap mechanism, the person said, without giving an exact definition of how participation in such a mechanism would be defined.
Overall, commodities may fluctuate as hopes of less hawkish Fed and possibility of RRR (reserve requirement ratio) cut from China may support risk appetite while rising COVID cases amid cold weather in China is adding to fears of a bumpy economic recovery.
Bias in bullion looks positive at the current levels. Technically, the trend in precious metals may remain range-bound to the upside. Gold has support at Rs 52500 and resistance is at Rs 53200. Silver has support at Rs 61500 while resistance is at Rs 62800, said Nirpendra Yadav of Swastika Investmart.