Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Gold prices traded firm with COMEX spot gold prices were trading near $1785 per ounce on Thursday. Gold February future contract at MCX were trading marginal up near Rs. 48101 per 10 grams by noon session.
Gold prices held steady range trading above $1780 per ounce on mixed global cues with market awaiting US CPI data this week and US FOMC meeting decision next week. The Benchmark 10-year Treasury yields remained close to their highest level since Nov. 29, hit on Wednesday after a 10-year note auction. We expect gold prices to trade sideways to up for the day with COMEX spot gold support at $1770 and resistance at $1800 per ounce. MCX Gold February support lies at Rs. 47800 and resistance at Rs. 48400 per 10 gram.
Crude oil prices traded steady with benchmark NYMEX WTI crude oil prices were marginal up at $72.41per barrel for the day. MCX Crude oil December futures were up near Rs. 5475 per barrel by noon session.
Crude Oil prices rallied on Thursday on confidence that the Omicron coronavirus variant would not dent global growth, even as some governments stepped up curbs to stop its rapid spread. US EIA data showed a draw of 240,000 barrels for the week ended Dec. 3. Crude prices pared some early gains in noon session witnessing some profit booking. Crude oil prices are expected to trade up with resistance at $74 and support at $70 per barrel. MCX Crude oil December has support at Rs. 5380, resistance at Rs. 5580.