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GOLD

Gold prices contine to move northwards, as on Thursday the prices ended with marginal gains of 0.05 percent, ending the day at 1660.3$ per ounce.

A pullback in the US dollar index, as it slipped near its one-week lows after the index fell for the 2nd straight day, fuelling momentum in the yellow metal prices to conlcude on a positive note. However, the metal was on track for its sixth straight monthly decline.

Although gold is regarded as an inflation hedge, this year's aggressive rate increases have diminished the appeal of the non-yielding metal and driven the dollar to a two-decade high.

Outlook:The recent uptrend, supported by a decline in the dollar index, has kept prices higher; nevertheless, the likelihood of further rate hikes by central banks would limit the upward movement of the yellow metal.

CRUDE

Crude prices extend the up-move from the previous session, as the benchmark index Brent ended with gains of over 1 percent, whereas the NYMEX ended with a cut of 1.12 percent, paring gains from the previous sessions.

Given the US dollar's pullback and the likelihood that OPEC+ will reduce its crude oil output, prices remained steady. Given that the prices of both benchmark crude indices touched nine-month lows earlier in the week, both are likely to record their first weekly advances since August.

A weaker greenback makes dollar-denominated oil cheaper for buyers holding other currencies, improving demand for the commodity.

Outlook:Crude prices is likely to remain elevated on the back of improving sentiments from China, which will see the demand coming slowly back on track.

BASE METALS

The base metals pack witnessed positive traction during Thursday's session, as all the metals on the LME ended on a higher note, however on the MCX, except for Nickel all the other metals ended on a positive note.

There were no restrictions on purchasing Russian metal after Western nations put sanctions on Russian banks and affluent individuals following Russia's invasion of Ukraine.

Although the LME is said to be launching a discussion paper, eventually taking the first step towards a prospective restriction on new metal supplies from Russia, which supported the sentiments.

A ban on Russian metal could lead to shortages and further price surges at a time of rising inflation around the world.

Outlook:Metal prices are likely to remain elevated in the near term, as optimism from the major metals consumer kept the prices underpinned

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