Gold prices surged in futures trade on Thursday, buoyed by the positive cues from global markets after Fed signalled rate cuts in the near future.
In international markets, the safe-haven metal surged to their highest in more than five years after the US Federal Reserve signalled possible interest rate cuts later this year, sending the dollar and US Treasury yields lower, Reuters reported.
MCX Crude oilNSE 1.79 % also saw gains in the light of favourable global trend.
Around 11 am, the MCX Gold traded at Rs 33,811 per 10 grams, up Rs 732, while MCX Crude oil traded Rs 3,830 per barrel, up Rs 56.
Bullion: Bullion counter may witness a sharp upside movement. It can move higher to Rs 34,000 while taking support near Rs 33,600 and silver can also scale higher towards Rs 38,300 while facing support near Rs 37,500.
Base metals: Base metals may trade with an upside bias. Copper may recover towards Rs 420. Zinc can test Rs 208 while taking support near Rs 205. Lead may test Rs 157 while taking support near Rs 153. Nickel may also recover towards Rs 900 while taking support near Rs 885. Aluminum may test Rs 146 while taking support near Rs 142.
Energy: Crude oil may witness upside movement as oil prices rose over 1 per cent on Thursday as official data showed US crude stocks fell more than expected and as Opec and other producers finally agreed to a date for a meeting to discuss output cuts. MCX Crude oil may scale higher towards Rs 3,900, taking support near Rs 3,800. Natural gas may dip towards Rs 157, taking resistance near Rs 164.
Other commodities: Cotton futures (July) is expected to witness correction towards Rs 21,800-21,660 levels taking negative cues from the international markets. Chana futures (July) is expected to plunge further towards Rs 4,150 if breaks the support near Rs 4,185 level.
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