Commodity Tips

Gold futures were volatile in Wednesday's trading session along with currencies ahead of key economic events from U.S. Market participants await weekly jobless claims data and the University of Michigan's latest consumer-confidence data in a session that may see curtailed activity a day ahead of Thursday's Thanksgiving Day holiday. COMEX Gold futures edged up in the afternoon session with December contract hovering at $1726.7, up three dollar from the last close. The counter traded in the range of $1728.4-1718.4 an ounce. Silver is quoting at $33.075, up $0.145 an ounce. Euro is trading at 1.28 mark level, down 0.12% from the last close, after trading in the range of $1.2821-1.2733 level. Indian rupee was quoting above Rs 55 mark level and that supported the local gold prices.

Local gold prices traded in a tight range after gaining in the last few sessions tracking the firm global cues and festive demand. MCX Gold December trading at Rs 31737, down Rs 9 per 10 grams and resistance is at Rs 31850-31900 and supports at Rs 31700-31600 level. MCX Gold traded near Rs 31900, from Rs 31300 per 10 grams as on 15th November 2012. Silver is trading up by Rs 161 at Rs 61700 per 1 kg and the resistance is at Rs 61780-61910 and supports at Rs 61670-61600 level.