MCX gold prices edged higher on Friday - ICICI Direct
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Daily Commodity Outlook
Bullion Outlook
• MCX gold prices edged higher on Friday amid weakness in US 10 year’s treasury yields
• However, stronger than expected core PCE Price Index data from the US capped further gains in bullion prices
• MCX gold prices are expected to trade with a negative bias for the day amid strong US dollar index. It is likely to break the key support level of | 50,250 to trade in downward trend towards the level of 50,050 in the coming trading session
• Additionally, investors will closely watch manufacturing PMI data from the US for further understanding
Base Metal Outlook
• MCX copper dropped on Friday amid weaker-than-expected Caixin manufacturing PMI data from the China
• The Caixin China general manufacturing PMI unexpectedly fell to 48.1 in September 2022, below market expectations of 49.5 amid the impact of Covid controls. This was the lowest reading since May, as output fell for the first time in four months
• We expect copper prices to trade with a positive bias for the day as demand for the metal has improved on the back of Chinese government stimulus
Energy Outlook
• Nymex crude oil prices dropped on Friday on news that Opec's oil output rose in September to its highest since 2020, surpassing a pledged hike for the month
• However, sharp downside was prevented on expectations that Opec+ will agree to cut crude oil output when it meets next week
• We expect MCX crude oil prices to trade with a positive bias for the day as focus shifts from concerns over a recessionary hit to demand, to tightening global supply
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