Gold will likely recover on Friday after prices in the global market looked up despite weak sentiments.
The yellow metal rose as the US came up with data on factory output, employment and consumer sales that showed economic recovery is still far off. This has given rise to hopes that the US programme to pump more money into the economy could continue.
In early trade at Singapore, spot gold rose to $1,580.60 an ounce, while gold for delivery in April inched up to $1,579.90.
In the domestic market on Thursday, gold for jewellery (99.5% purity) slipped to Rs 29,220 for 10 gm and pure gold (99.9% purity) to Rs 29,355.
The oils and oilseeds complex is likely to be range-bound, trying to find its feet amidst hopes of record corn (industrial maize) plantings. Though soyabean has gained this week on reports of drier parts in Argentina not getting rains, profit booking could set in.
On the Chicago Board of Trade (CBOT), soyabean May contracts were up at $14.725 a bushel, while on the Bursa Malaysia Derivatives Exchange crude palm oil May contracts slipped to 2,536 ringgit ($814) a tonne on Thursday.
The grains complex is likely to come under pressure on hopes of record corn plantings. A likelihood of snow around Kansas in the US has boosted the prospects for wheat and in turn, drag prices.
On CBOT, wheat for delivery in March quoted at $7.255 a bushel and corn at $6.86 a bushel.
Crude oil could be up against higher US stockpiles and slower growth. Brent crude April contracts ruled at $113.67 a barrel and NYMEX contracts for the same month at $93.02.