Despite recovery in COMEX futures, gold futures on domestic exchanges were down slightly as the rupee rose more than 1% against the US dollar. Gold futures on the COMEX wiped early losses, and gained as the US dollar plunged against the euro. Gold futures on the COMEX hit their three-week high today as investors expect the US Fed to consider another round of quantitative easing at its meeting next week.
Crude oil futures on domestic market were up today tracking overseas markets, where prices recovered owing to the dollar's weakness against the euro. Oil futures gained on renewed optimism after European Central Bank President Mario Draghi said the ECB was committed to avert economic crisis in the Eurozone.
A mixed trend was seen in base metal contracts on the MCX, where prices received support from the uptrend in the London Metal Exchange, while firm rupee against the dollar limited the gains. Base metals on the LME were trading higher today due to a weaker dollar
against the euro and on optimistic comments by the ECB president.