Gold may trade 28750-29100 range, Silver 38100-38900 range
Commodity Online | June 03 2016
UPDATED 09:34:56 IST

MCX Mentha Oil likely to move in a range of 931.1-948.7

MCX Cotton under fresh buying; Support seen at 17950

MCX Aluminium may trade between 141.5-143.9 levels

NCDEX Jeera under fresh selling; Resistance seen at 14140

MCX Nickel likely to move in a range of 1040.5-1072.9


Gold may continue to witness some short covering at lower levels as non farm payroll data today will give further direction to the prices. Meanwhile movement of local currency rupee will give further direction to the prices. Gold (Aug) can move in range of 28750-29100 while silver can move in range of 38100-38900 in near term. Gold slipped early Friday and was headed for its fifth straight weekly decline, as the dollar and Asian stocks steadied and the market awaited the U.S. non-farm payrolls data due later in the day. U.S. private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter. Another report on Thursday showed planned layoffs by U.S.-based employers fell 53 percent to a five-month low last month. Holdings in SPDR Gold Trust (GLD), the world's largest gold-backed exchange-traded fund, rose 0.51 percent to 875.20 tonnes on Thursday from 870.74 tonnes on Wednesday, the highest since October 2013.

Courtesy: Smc Comtrade