Gold prices declined in futures trade on Thursday amid a fall in demand by jewellers at spot markets even as global cues appeared positive.
In global markets, gold rose as central banks around the world slashed interest rates amidst fears of a global recession.
Crude oil, on the other hand, climbed in line with the trend in overseas markets. Around 10:10 am, MCX Gold traded at Rs 38,005 per 10 grams, down by Rs 213, while MCX Silver traded Rs 3,732 a kilo, up by Rs 91.
How will commodities fare in the domestic futures trade today? Here is a quick check on projections of various commodities by brokerage.
Bullions: Gold can test Rs 38,300, taking support near Rs 37,750, while silver can move towards Rs 44,000, taking support near Rs 43,350.
Base metals: Base metals may trade sideways with a weaker bias. Copper may test Rs 436, facing resistance near Rs 444. Zinc can test Rs 182, facing resistance near Rs 190. Lead may test Rs 152, facing resistance near Rs 156. Nickel may move to test Rs 1,160, taking support near Rs 1,120. Aluminium may test Rs 140, facing resistance near Rs 144.
Spices: The short-covering in turmeric futures is expected to face resistance near Rs 6,700-6,745 levels. Jeera futures (September) will probably plunge towards Rs 17,000-16,900 if it breaks Rs 17,100. Coriander futures (September) is still bearish and may descend to Rs 5,900-5,800 levels. Cardamom futures (September) may take support near Rs 3,550.
Oilseeds: The short-covering in soybean futures is expected to face resistance near Rs 3,635 level and the upside may remain capped. Mustard futures may trade with a downside bias and may trade in the range of Rs 3,895-3,920 levels. Soy oil futures is likely to witness consolidation in the range of Rs 736-741 levels, while CPO futures is likely to face resistance near Rs 532.
Other commodities: The short-covering in cotton futures is expected to face resistance near Rs 20,110 level. Guar seed futures is likely to witness a plunge towards Rs 4,220-4,200 levels. Castor seed futures is likely to trade sideways in the range of Rs 5,610-5,655 levels.
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