PRECIOUS METAL::: The COMEX Gold price is on upswing touched 1-week high backed by Fed rate cut hopes and against weak dollar due to poor US economic data as US unemployment benefits data rose unexpectedly to 222K compared to above market expectations of 216K. At the time writing, U.S. gold futures rose 0.52% to $1,350.75 an ounce. In MCX, the precious metal is likely to open sturdy followed by global cues. However, overall sentiment for gold is positive with the resistance of 32800 and 32900 levels and support would be 32600 and 32700 levels.
TOP COMMODITY SPREADS:::
NATURAL GAS: 0.70
MCX Gold-Silver Ratio: 89.08
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.