Silver too witnessed higher speculative and industrial offtake after its overnight fall. Standard gold (99.5 purity) climbed by Rs 250 to close at Rs 24,890 per 10 grams from Friday's closing level of Rs 24,640.
Traders said sentiment bolstered as the precious metals rose in global markets after a report showed wages and salaries in the US rose in the second quarter at the slowest pace on record, weakening the case for the Federal Reserve to raise interest rates.
Geofin Comtrade has come out with its report on agricultural commodities. The research firm has recommended to sell RM Seed, CPO, on pullbacks, Soybean below Rs 3250 in its research report dated July 31, 2015.
According to Angel Commodities, Cotton prices are expected to trade sideways to negative on reports on good rains in the cotton tracks of Gujarat coupled with higher cotton reserves and expectation of good production estimates for the new season.
US benchmark West Texas Intermediate for September delivery fell 32 cents to USD 48.20 and Brent crude for September shed 24 cents to USD 53.07 a barrel in afternoon trade. Both contracts tumbled yesterday, snapping two consecutive days of gains.