Gold may gain on rising spot sales; MCX June may hit Rs 27,000

Our Bureau Updated - March 12, 2018 at 04:08 PM.

Falling holdings of gold in electronic forms and a rally in the equities market are likely to act as dampeners.

Gold prices in spot and futures market will likely rise on Monday taking cues from increased buying of physical gold. However, falling holdings of gold in electronic forms and a rally in the equities market are likely to act as dampeners.

In the domestic futures market, gold June contracts may try to gain Rs 27,000 for 10 gm, while August futures may go past Rs 27,250 for 10 gm.

In early Asian trade, spot gold in Singapore was up at $1,478.25 an ounce, while gold futures maturing in June rose to $1,477.50.

In the domestic market on Saturday, gold for jewellery (99.5% purity) fell to Rs 27,150 for 10 gm and pure gold (99.9% purity) to Rs 27,285.

With rocket attack in Syria resuming, crude oil could head north with futures on MCX tending to rise.

Brent oil June contracts were up at $104.91 a barrel, while West Texas Intermediate (NYMEX) crude contracts for the same month were quoted at $96.56.

On MCX, crude oil June contract may try to hit Rs 5,200 a barrel.

Though oils and oilseeds counter could gain from speculation of lower soyabean planting in the US, higher South American crop and poor Chinese demand could lead the counter lower.

Chicago Board of Trade (CBOT) soyabean July contracts were down in early Asian trade at $1,385 a bushel, while crude palm oil contracts for the same month slipped to 2,241 ringgit ($750) at the opening on Bursa Malaysia Derivatives Exchange.

Hopes of higher sowing of corn (industrial maize) will likely pull down the grains counter. CBOT corn contracts maturing in July slipped to $6.5 a bushel, while wheat contracts for the same month ruled at $7.14 a bushel.

Published on May 6, 2013 03:52