Gold is set for a 7.8% monthly rise, which would be its best since July 2020, and follows a seven-month long losing streak.
The euro was one of the better performers, rising by as much as 0.3% ahead of euro zone inflation data that could show the first deceleration since June last year.
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The current economic scenario and geopolitical tension may support bullion prices. On the technical front, Rs 52500-52400 is a good support zone for gold. We expect prices to trade in a range between Rs 52500 and Rs 53200 levels this week, said Deveya Gaglani of Axis Securities.
According to Geojit , Spices rose on NCDEX on Tuesday. Coriander futures rose to one week high on improved demand.
Brent crude futures were up 65 cents or 0.8% at $83.68 per barrel by 0132 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 68 cents or 0.9% to $78.88 per barrel.
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The focus now shifts to the US consumer confidence data due later today. Weak data may support a bullion rally on the back of a weakening dollar, says Ravindra V Rao of Kotak Securities
Spot gold was up 0.3% to $1,745.22 per ounce as of 0251 GMT. U.S. gold futures rose 0.3% to $1,745.40.
According to Geojit , Mixed moves were witnessed in NCDEX spices complex on Monday. Jeera futures bounced back after hitting multiweek low on concerns over supplies, while coriander and turmeric futures ended largely unchanged.
Crude oil in Shanghai followed international markets lower, plunging as much as 5.6%. Cooking oil futures in Dalian tumbled as much as 3% on concerns over the threat to demand at restaurants and hotels already reeling from lockdowns.
Manoj Kumar Jain of Prithvi Finmart Commodity Research expects gold and silver to remain volatile this week ahead of the US quarterly GDP data and ADP non-farm employment data and continue to hold their respective support levels.
According to Geojit , Spices complex on NCDEX was in red on Friday, with jeera futures hitting is lowest level in five weeks.
Spot gold was down 0.2% at $1,752.66 per ounce, as of 0016 GMT. U.S. gold futures fell 0.1% to $1,751.80.
The decree will forbid dealings with both companies and countries that join the price-cap mechanism, the person said, without giving an exact definition of how participation in such a mechanism would be defined.
Overall, commodities may fluctuate as hopes of less hawkish Fed and possibility of RRR (reserve requirement ratio) cut from China may support risk appetite while rising COVID cases amid cold weather in China is adding to fears of a bumpy economic recovery.
Bias in bullion looks positive at the current levels. Technically, the trend in precious metals may remain range-bound to the upside. Gold has support at Rs 52500 and resistance is at Rs 53200. Silver has support at Rs 61500 while resistance is at Rs 62800, said Nirpendra Yadav of Swastika Investmart.
According to Geojit , Jeera futures plunged, while coriander and turmeric futures ended Thursday's session in green on NCDEX.
U.S. West Texas Intermediate (WTI) crude futures jumped 35 cents, or 0.5%, from Wednesday's close to $78.32 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.
The immediate resistance zone is seen around the Rs 52500 level. Breakout and sustained buying above the mentioned level may push prices higher toward the Rs 53000 level. On the other hand, breakdown below Rs 52300 may drag prices lower toward the Rs 52000 level by this week, said Deveya Gaglani of Axis Securities.
According to Geojit , Mixed moves were witnessed in NCDEX spices complex on Wednesday. Turmeric and coriander futures pared initial losses and ended the day in green, while jeera futures was under pressure.
Brent crude futures had slid 43 cents, or 0.5%, to $84.98 a barrel by 0102 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5%, to $77.59 a barrel.
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Gold prices are trading below 100 EMA on the intraday chart which may intensify the selling pressure on precious metals. Gold has resistance at Rs 52700 and support at Rs 51700, said Nirpendra Yadav, Senior Research Analyst at Swastika Investmart.