We expect gold will hold key support of $1,450 and silver $16.80 per troy ounce, says Manoj Kumar Jain of IndiaNivesh Commodities.
According to Angel Broking, On Thursday, copper prices on the LME ended higher by 0.78 percent to close at $5829.0 per tonne.
All eyes are now on the December 15 deadline, when the new US tariffs on Chinese goods are supposed to kick in.
That was more than enough to offset news of a likely extension of production cuts among major producers that drove prices higher in the previous session on the prospect of tight crude supply.
In the futures market, gold rate touched an intraday high of Rs 38,193 and an intraday low of Rs 38,020 on MCX.
According to Angel Broking, On Wednesday, spot gold prices ended lower by 0.08 percent to close at $1471.2 per ounce.
Gold and Silver is likely to show strength on Thursday. Gold can be bought around Rs 38,050, for a target of Rs 38,330 while a stop loss could be placed below Rs 37,920.
The precious metal price got another boost after US President Donald Trump threatened to raise further tariffs on Chinese goods if a trade deal between the two nations could not be reached.
Crude inventories in the United States rose by 6 million barrels last week to 445.9 million, the American Petroleum Institute, an industry group, said on November 19.
The International Energy Agency and US energy department are upbeat about non-OPEC supply in 2020 and that can have a bearing on the oil-producing countries' production policy.
West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2%, to $55.32 a barrel by 0252 GMT, after falling 4.3% during the previous two sessions.
According to Angel Broking, Copper On Tuesday, copper prices on the LME ended higher by 0.77 percent to close at $5875.0 per tonne.
On the downside, 38,000-37,950 will act as support and move above 38220 will lead to an upside breakout towards 38,450 levels.
Gold futures for delivery in December slipped Rs 193, or 0.50 percent on the MCX trading at Rs 38,036 per 10 gram in evening trade in a business turnover of 11,140 lots.
Oil also declined on the prospect of a further increase in US crude inventories, suggesting ample supplies.
According to Angel Broking, On Monday, spot gold prices higher by 0.25 percent to close at $1470.8 per ounce. Uncertainties revolving around the prolonged trade spat weighed on the market sentiments and boosted the demand for the safe haven asset.
Market participants now await minutes of the Federal Reserve's last policy meeting, due on November 20, for clues about the future interest rate trajectory.
Gold futures for delivery in December eased Rs 186, or 0.49 percent on the MCX trading at Rs 37,808 per 10 gram in evening trade in a business turnover of 11,740 lots.
Gold may weaken in this week since sentiment has turned positive for the riskier asset classes with US and China progressing slowly but in a constructive manner
We expect the upside in Nymex Crude prices to remain capped at $60 per barrel in the last quarter of CY2019.
Brent crude futures were at $63.30 a barrel at 0512 GMT, unchanged from the previous session. The contract rose 1.3% last week.
According to Angel Broking, Last week, WTI Crude prices dipped marginally lower by 0.9 percent as an unexpected build up in the U.S. inventory levels raised concerns of oversupply in the global market.
According to Angel Broking, Copper On Thursday, copper prices on the LME ended lower by 0.16 percent to close at $5869.0 per tonne.
While a US-China trade deal is still uncertain, efforts by both the sides to reach a deal have been enough to result in some exodus from the metal.
Prices, however, were capped by mixed signs for oil demand in China, the world's biggest crude importer, as industrial output rose more slowly than expected in October, but oil refinery throughput hit the second-highest level ever.