Gold is back in favour and looks to be in the range of USD 1,740 per ounce on the lower side and about USD 1,800 per ounce on the higher side at the moment, said Ritesh Gandhi, senior research analyst of commodities and currencies at Anand Rathi Commodities.
Rajini Panicker, head of commodities research at MF Global Commodities India recommended a short on Multi Commodity Exchange (MCX) crude oil contract at levels of 4,120 for a stop loss of Rs 4,185 per barrel and target of Rs 3,920-3,900 per barrel levels.
From the precious metal space, international gold prices fell 4.8% in September followed by a rally in dollar. Kunal Shah, research head of commodities at Nirmal Bang Commodities feels that the gold prices might witness an upmove in one-two day.
On Wednesday, the news from financial markets lifted the international crude prices with a hope that the US Federal Reserve's policy panel could act to boost the economy.