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Gold will likely gain on the spot market, while it is likely to top Rs 27,000 for 10 gm in the futures market for August delivery. The rise is on hopes that the US Federal reserve will be forced to buy more bonds and pump more money into the economy after disappointing data on Thursday night.
The US economy grew slower than expected last month, while jobless claims were higher than projections.
Gold Prices
In early Asian trade, spot gold rose to $,1420.29 an ounce, while gold futures maturing in August ruled higher at $1,419.80.
In the domestic market on Thursday, gold for jewellery (99.5% purity) rose to Rs 26,915 for 10 gm, while pure gold (99.9% purity) was up at 27,060.
On MCX, gold June contracts could rise above Rs 26,800, while August contracts could open above Rs 27,000.
Crude Oil
A rise in crude oil stocks to over eight-decade high in the US will likely result in prices dropping.
Brent crude for delivery in July fell to $102.29, while West Texas Intermediate crude for delivery the same month quoted at $93.66 a barrel.
Oils and Oilseeds
The oils and oilseeds complex is seen ruling firm as soyabean plantings continue to be lower in the US. Chicago Board of Trade soyabean for delivery in July quoted at $15.04 a bushel, up marginally from overnight close.
Crude palm oil on Bursa Malaysia Derivatives Exchange for August delivery rose to 2,383 ringgit ($775) a tonne.
Grains complex
Wheat prices are likely to face pressure after Japan, second largest buyer in Asia after Indonesia, suspended imports from the US after an unapproved genetically modified strain was fund growing in Oregon field.
CBOT wheat July contracts slipped to $6.97 a bushel.
Corn, on the other hand, continues to be firm with sowing being affected due to water-logging in key growing areas of the US.
CBOT corn for delivery in December rose to $5.63 a bushel.
Natural rubber is likely to gain on cues from the Tokyo Commodity Exchange. TOCOM rubber futures maturing in November gained after the yen dropped. They were up at 264 yen (Rs 147) a kg.
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