PRECIOUS METAL: The yellow metal is steady on Wednesday on political and trade uncertainties as a U.S. decision to delay tariffs by December this year on some Chinese goods boosted market sentiments. At the time of writing, U.S. gold futures prices is trading flat -0.08% to $1,512.65 an ounce. In MCX, gold prices is likely to open on flat note followed by global cues and in domestic market muted demand due to higher prices. However, on MCX, Gold contracts in December closed in red by Rs 469 or -1.21%, at Rs. 38,382 per 10 grams with the turnover of 1966 lots, while October contract climbed from the previous trading session with a turnover of 23,760 lots. Overall sentiment for gold is positive with immediate support of 37,700 levels & 37,500 levels while resistance would be 38,100 & 38,000 levels.
TOP COMMODITY SPREADS:
NATURAL GAS: 1.70
MCX Gold-Silver Ratio: 87.57
The ratio suggest Silver is undervalued as compared to the Gold , going forward more upside can be seen in the Gold as relative to the Silver.