Gold

Gold on MCX settled down -0.51% at 29020 as speculation grew that the U.S. Federal Reserve would press ahead with a rate increase this month. Fed Chair Janet Yellen said that the central bank is set to raise its benchmark interest rate later this month as long as economic data on jobs and inflation holds up. Prior to Yellen's comments, the probability of a Fed move in March had already risen to nearly 80 percent, money markets indicated, after hawkish comments from New York Fed chief William Dudley and San Francisco Fed President John Williams.

Silver

Silver on MCX settled down -0.26% at 42532 as growing expectations for a March rate hike in the U.S. and a stronger U.S. dollar continued to weigh on the precious metal. The greenback remained broadly supported after a number of Federal Reserve officials this week expressed their support for a March rate hike.

Crude oil

Crude oil on MCX settled up 0.54% at 3556 as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output. Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, with its cuts from October 2016 levels remaining at 100,000 bpd or a third of what was pledged by Moscow under its agreement with the Organization of the Petroleum Exporting Countries (OPEC).

Natural gas

Natural gas on MCX settled down -0.58% at 187.1 as pressure seen amid rise in inventory despite of slightly cooler weather forecasts and a cold weekend on the way stoking expectations for demand. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 7 billion cubic feet in the week ended February 24, compared to market expectations for a drop of 4 billion cubic feet.

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