NEW DELHI: Global gold prices took a knock on Wednesday because of dollarNSE 1.44 %'s rise against its global peers as investors tracked Fed's policy decision later tonight.
A jump in dollar's value diminishes attractiveness of the yellow metal as an asset of store.
Gold snapped three straight sessions of gains, Reuters reported.
What capped the losses was supply cuts led by Opec and US sanctions against Iran and Venezuela.
Here's a rundown on various commodities by brokerage SMC Global Securities.
Bullion: Bullion counter may trade sideways with a negative bias. MCX Gold can take support near Rs 31,800 while facing resistance near Rs 32,050. Silver can take support near Rs 38,100 and can recover towards Rs 38,400.
Base metals: Base metal prices may trade with a weak bias as most industrial metals on the London Metal Exchange fell on Wednesday. Copper may take support near Rs 443 while facing resistance near Rs 448. Zinc can take comfort from near Rs 195 while facing resistance near Rs 199. Lead can move in Rs 140-144 while nickel's range is seen at Rs 880-920. Aluminium prices may move in Rs 146-149.
Energy: Crude oil (April) may trade sideways in the range of Rs 4,070-4,120 on MCX. Natural gas m ..
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