PRECIOUS METAL::: The COMEX Gold prices are steady on Monday despite weak dollar after disappointing US NFP data, which added only 75K jobs versus 185K forecast. However, negative sentiments over US-Mexico trade war seems fading away after an agreement between these two countries to avoid tariffs war, which has dented the demand for bullion. At the time of writing, U.S. gold futures is trading lower by 0.92% at $1333.65 an ounce. In MCX, Gold prices are likely t open on softer note as heavy profit booking seen towards close of Friday. Overall sentiment for gold is still in favour of bulls with the resistance of 32900 and 33000 levels and support would be 32600 and 32700 levels.
TOP COMMODITY SPREADS:::
NATURAL GAS: -0.40
MCX Gold-Silver Ratio: 88.59
The ratio suggest silver is undervalued as compared to the gold , going forward more upside can be seen in the silver as relative to the gold.