Taking cue from Fed Chair Janet Yellen comments that signalled a rate hike possibility, Gold has entered a losing zone and might head for its biggest monthly decline since June 2013. Yellen commented that as US economy is showing signs of improvement another rate hike would be likely in the coming months.

Yellen's comments propelled the gold into its highest level since March. Bullion is now passing through its worst daily losing streak in over a year.

Bullion for immediate delivery declined as much as 1 percent to $1,200.03 an ounce, the cheapest since Feb. 17, before trading at $1,203.22 by 11:51 a.m. in Singapore, according to Bloomberg generic pricing. Prices are down for the ninth day, the worst run in over a year, and have lost 7 percent in May.

[b]Bullion Trend: [/b]
Gold declined by 0.69% in the intraday trades on Thursday. From the peak of Rs 30538 per 10 grams on 2 May 2016, Gold has toppled, with significant falls in the sixth consecutive sessions. Yesterday the prices settled at Rs 28754 per 10 grams, against Rs 28955 per 10 grams. The yellow metal tested a high of Rs 29157 per 10 grams and a low of Rs 28719 per 10 grams. The prices have opened gates towards Rs 29500 per kg.

[b]Crude Oil Updates:[/b]
MCX Crude Oil was sideways in the trading session ended Thursday's session at Rs 3328 per barrel. Ending on a sober note at Rs 3328 per barrel, down 0.03%, Crude Oil still has potential to break resistances. Resistance as stated are at Rs 3370 per barrel, breaching which Crude oil can move towards Rs 3900 per barrel. On lower side, Rs 3250 is a acting support level. The pattern of crude still points towards gains and the medium term resistances lie near Rs 3900 and 4000 per barrel.

[b]Copper Updates:[/b]
Copper ended lower in the intraday trades ending Thursday at Rs 313.10 per kg against 0.62%. The prices have now formed an effective barrier northwards near Rs 317-319 levels. The trend line for Copper has maintained upward momentum but in last few sessions this trend has shown lethargy. If the declines are below Rs 313 on closing basis, prices can further move toward Rs 308 per kg on the downside. Similarly gains above Rs 315 can underpin prices towards Rs 319. The prices tested levels of Rs 317.10 per kg as highs and Rs 312.60 per kg as a low.