Gold traded with muted gains in futures trade on Friday morning, supported by the weakness of Indian rupee against the dollar and pressured by a rise in riskier equities.
In the global markets, gold fell on a firmer dollar and increased investor appetite for riskier assets due to strong US data and corporate results.
On the other hand, global crude oil prices rose on Friday and were on track for the first weekly gains this month, as rising tensions in the Middle East stoked fears of supply disruptions, Reuters reported.
Here is an outlook on various commodities by brokerage SMC Global Securities for today.
Bullion: Gold may face resistance near Rs 32,200, taking support near Rs 31,900 while silver can face resistance near Rs 37,200, taking support near Rs 36,700.
Spices: Turmeric futures (June) is expected to trade with an upside bias and may test Rs 7,300. Jeera futures (June) will possibly maintain its uptrend and may probably witness an upsurge towards Rs 18,100, taking support near Rs 17,735. Cardamom futures (June) may face resistance near Rs 2,300 levels.
Oilseeds: Soybean futures (June) is expected to trade sideways in the range of Rs 3,735-3,790. The June contract of soy oil futures is expected to trade with an upside bias in the range of Rs 743-750 levels. CPO futures (May) is expected to trade sideways to upward in the range of Rs 524-528, taking positive cues from the international markets. Mustard futures (June) is expected to take support near Rs 3,900 and trade with an upside bias towards Rs 3,950.
In the global markets, gold fell on a firmer dollar and increased investor appetite for riskier assets due to strong US data and corporate results.
On the other hand, global crude oil prices rose on Friday and were on track for the first weekly gains this month, as rising tensions in the Middle East stoked fears of supply disruptions, Reuters reported.
Here is an outlook on various commodities by brokerage SMC Global Securities for today.
Bullion: Gold may face resistance near Rs 32,200, taking support near Rs 31,900 while silver can face resistance near Rs 37,200, taking support near Rs 36,700.
Spices: Turmeric futures (June) is expected to trade with an upside bias and may test Rs 7,300. Jeera futures (June) will possibly maintain its uptrend and may probably witness an upsurge towards Rs 18,100, taking support near Rs 17,735. Cardamom futures (June) may face resistance near Rs 2,300 levels.
Oilseeds: Soybean futures (June) is expected to trade sideways in the range of Rs 3,735-3,790. The June contract of soy oil futures is expected to trade with an upside bias in the range of Rs 743-750 levels. CPO futures (May) is expected to trade sideways to upward in the range of Rs 524-528, taking positive cues from the international markets. Mustard futures (June) is expected to take support near Rs 3,900 and trade with an upside bias towards Rs 3,950.
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