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Bullion Outlook

* MCX gold prices advanced yesterday amid weakness in the US dollar index

* Moreover, growing fears of a global economic slowdown supported bullion prices

* MCX gold prices are expected to trade with a positive bias for the day amid a weak US dollar. MCX Gold prices are likely to surpass the hurdle of | 51,400 to continue its upward trend towards the level of | 51,550 in coming sessions

* Additionally, investors will closely watch JOLT job openings and CB consumer confidence data from the US

Base Metal Outlook

MCX copper prices fell on Monday as a hawkish Federal Reserve dented demand for copper

Further, expectations of rising interest rates may leading the global economy into recession, pressurised copper prices

However, further downside was restricted by a drop in copper LME warehouse inventories

MCX copper prices are expected to rise for the day amid a continuous drop in copper LME warehouse inventories. It is likely to trade in the range of | 666 to | 676 in the coming sessions

Energy Outlook

* MCX crude oil prices edged higher by almost 4.30% on Monday as Saudi Arabia, top producer in the Organization of the Petroleum Exporting Countries (Opec), last week raised the possibility of production cuts

* Further, unrest in Libya's capital Tripoli at the weekend, resulting in 32 deaths, sparked concerns that the country could slide into a full-blown conflict and disrupt oil supply from the Opec nation

* We expect MCX crude oil prices to trade with a positive bias for the day on concerns over a crude oil production cut by Opec. It is likely to trade in the range of | 7700 to 7900 in coming sessions

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