Gold is likely to rule steady on Friday in spot and futures with the yellow metal opening unchanged in Singapore and the dollar holding on to its one-month gain.
With the rupee rising back to the 52-mark against the dollar, the pressure on gold could ease. Any fall in the rupee value will make gold import costlier, thus leading to rise in its price.
Agricultural commodities could see gains following a bullish US Departement of Agriculture (USDA) report on crop estimates for wheat, corn and soyabean.
The lower than expected projection of the corn crop and tight supplies are likely to result in consolidation of the commodity prices.
The benchmark December corn futures on the Chicago Board of Trade (CBOT) increased 4.95 per cent on Thursday to close at $7.7325 dollars a bushel. This, in turn, could result in industrial maize prices gaining on the NCDEX.
The USDA report has also projected lower wheat supplies globally, estimating drop in Australian, Europe and Russian wheat production. This helped in wheat for delivery in December rising 1.87 per cent to $8. 86 a bushel on the CBOT.
Domestic prices in the spot and futures markets are likely to gain strength from this trend.
Though the US has projected a higher soyabean production, data of higher crushing and rising exports have rendered the counter bullish. The benchmark soyabeans for delivery in November increased by 25.25 cents to $15.485 a bushel.
With crude palm oil futures opening higher at 2,523 ringgit in Malaysia on Friday morning, it is bound to reflect in domestic oil and oilseeds market, spot and futures.
The increasing tension between Syria and Turkey is set to keep the crude oil market boiling. In early trading, November NYMEX crude futures increased to $92.32 a barrel. On Thursday, prices increased by $1 a barrel.
While all crude oil-related counters could gain, natural rubber prices could also reap gains as a result.
Sugar prices, however, could be pressured by drop in raw and white sugar prices.
Raw sugar for delivery in March on the ICE slipped to a month’s low of 20.45 cents a pound. In London, white sugar to be delivered in December dropped to $568.4 a tonne on the Liffee.