Gold jumps for second day, natural gas setup remains bullish

NEW DELHI: Gold prices jumped for a second straight session on Thursday on weaker dollar, worries about renewed trade tensions and volatile emerging markets.

Dollar index lost momentum after US President Donald Trump’s threat to impose new tariffs and minutes of Federal Reserve’s last policy meeting were seen as dovish.

In other commodities, base metals were under pressure after rallying in the past couple of sessions.

In global markets, oil fell driven lower by the prospect of the first increase in Opec output since 2016 in the face of concern over supply from both Venezuela and Iran.

On natural gas, Motilal Oswal Securities said that the commodity on MCX will remain bullish as long as key support near Rs 195.50 is held. “Immediate support is at Rs 198 while resistance is at Rs 201-204,” the brokerage added.

Gold on MCX is expected to trade sideways to bullish. Immediate support is at Rs 31,150 whereas resistance is at Rs 31350 and 31,400 levels.