The next major event is US inflation data which may give further direction to Fed’s monetary tightening debate.
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According to Geojit , Steady to weak sentiments were witnessed in NCDEX spices complex on Thursday.
West Texas Intermediate steadied below $89 a barrel in Asia, with the US benchmark down more than 10% this week. Official data showed US gasoline consumption has softened while crude stockpiles rose.
Benchmark Brent crude futures were up a touch at $94.23 a barrel and U.S. crude futures were also a whisker higher at $88.70 a barrel, after both closed the previous session at their lowest levels since February.
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"Today's trend in precious metals may remain down ahead of Britain's monetary policy. Gold has resistance at Rs 51750 while support at Rs 51200. Silver has resistance at Rs 58000 and support at Rs 56800," said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.
Spot gold held its ground at $1,767.39 per ounce, as of 0239 GMT. U.S. gold futures rose 0.4% to $1,783.90.
According to Geojit , Profit booking continued in NCDEX Jeera futures on Wednesday, it shed more than one percent.
Brent crude futures rose 53 cents, or 0.6%, at $97.31 a barrel by 0020 GMT while West Texas Intermediate (WTI) crude futures rose 55 cents, also a 0.6% gain, to $91.21. Both benchmark fell to their weakest levels since February in the previous session.
The government has imposed stock limits on edible oils and oilseeds until December 31, 2022, in order to cool prices. It had last imposed a pulses control order in July 2021.
According to Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart, the day trend in the precious metals looks like an upside. Gold has resistance at Rs 52000 and support at Rs 51300. Silver has support at Rs 57400 and resistance at Rs 59400.
Spot gold was up 0.4% at $1,766.59 per ounce, as of 0309 GMT. On Tuesday, bullion rose to a near one-month high of $1,787.79 before closing down 0.6% on the day.
According to Geojit , Spices complex traded steady to weak on Tuesday. Turmeric futures slipped more than two per cent on subdued demand, while jeera ended down on profit booking after rallying to record high the other day.
Brent crude futures fell 94 cents, or 0.9%, to $99.60 a barrel at 0020 GMT, wiping out the previous session's gain.
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Rahul Kalantri, VP Commodities, Mehta Equities, expects both precious metals to remain volatile this week ahead of the OPEC+ meeting and geo-political tensions between the US and China.
According to Geojit , Sentiments were sanguine in the NCDEX spices complex on Monday. Jeera futures climbed to fresh record high on concerns over fall in production.
Spot gold was up 0.4% at $1,778.69 per ounce, as of 0044 GMT, its highest since July 5.
Brent crude futures fell 29 cents to $99.74 a barrel by 0002 GMT, with WTI crude futures down 22 cents at $93.67 a barrel.
Current fundamental and technical indicators signal a revival in gold prices. From a technical perspective, if gold were to breach $1,750-1,760 levels, we could witness levels of $1,800. So adopting a buy-on-dips strategy is greatly recommended, said Pritam Kumar Patnaik of Axis Securities.
Spot gold was down 0.3% at $1,760.53 per ounce, as of 0533 GMT. Bullion hovered near its highest level since July 6 at $1,767.79 scaled on Friday.
Gold and silver gained in the previous week on downbeat US economic data and strength in the euro
According to Geojit , Mixed trend was seen in NCDEX spices complex on Friday. Coriander and jeera futures inched up, while turmeric futures declined.