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The MCX October gold futures were trading down by Rs 71 or 0.12% from the Wednesday closing price at Rs 59,017 per 10 gram on the MCX while the December Silver futures were trading at Rs 72,214 per kg, lower by Rs 258 or 0.36%.
After a strong rally, crude oil futures are witnessing some profit-booking at higher levels, but the overall trend remains positive, and a buy-on-dips strategy is recommended, analyst Anuj Gupta, Head Commodity & Currency at HDFC Securities, told ETMarkets. He suggests a buy at Rs 7,050 with a stop loss of Rs 6,950 and a target of Rs 7,300.
Gold futures are down 0.22% or by Rs 131 on the month-to-date basis while they have gained 7.68% or by Rs 4,226 on the year-to-date basis, Anuj Gupta, Head Commodity & Currency at HDFC Securities told ETMarkets.
"Majorly, prices of wheat and pulses may go up as a result of weak monsoon. On the vegetable side, since they are perishable items, supply will have to be strengthened amid high demand for essential vegetables to prevent prices from hitting the roof."
Mentha oil futures have jumped more than 18% in August and are currently trading at a 4-month high level, riding on sentiments around the fall in output and amid hopes prices could remain firm, said experts.