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Below is Daily Commodity Article by Mr. Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd

                       Gold ends moderately higher, Crude oil rises from year lows.

GOLD

Gold prices gained little on Thursday, as prices managed to hold onto the marginal gains. The bullion was still above the $1900-mark and looks like it will settle the week above the same.

With investors rushing to gold as a safe haven due to the global banking crisis, it was anticipated that it would rise for a third week in a row.

First Republic Bank received a deposit injection of $30 billion from large US banks on Thursday, stepping in to save the lender that had become embroiled in a growing crisis brought on by the failure of two other mid-sized US lenders in the previous week.

On Thursday, the European Central Bank maintained its commitment to fighting inflation by raising interest rates by 50 basis points as planned.

Outlook: We expect gold to trade lower towards 57330 levels, a break of which could prompt the price to move lower to 56840 levels.

CRUDE OIL

After slipping to over 1-year lows, crude benchmarks showed some fightback, as the indices moved higher, gaining over 1 percent each.

Despite the bounceback seen on Thursday, crude benchmarks were still headed for a second weekly fall after a banking crisis sparked a sell-off in global financial markets this week.

This week, both indices suffered their worst weekly declines since December and reached their lowest levels in more than a year.

Last week's collapse of Silicon Valley Bank (SVB) and Signature Bank forced the US and Swiss governments to scramble to shore up bank liquidity, which put pressure on oil and other global assets.

Outlook: The uncertainty of the banking crisis and the growing crude stockpiles are expected to put pressure on crude prices.

BASE METALS

Metal prices ended on a mixed note, as copper managed to hold onto the gains, while all the other metals ended lower.

Base metal prices stabilised as a number of rescue steps were implemented to prevent a banking crisis, which calmed investors' fears. A weaker dollar and expectations for a revival in Chinese demand also helped to buoy mood.

The collapse of the US-based Silicon Valley Bank last week and the subsequent decline of Credit Suisse shares this week have had a major impact on global markets and, consequently, on copper prices, which are frequently regarded as an economic bellwether.

Investors cheered the news that a sizable group of banks were injecting capital into the troubled Swiss lender Credit Suisse and the US lender First Republic Bank.

Expectations of a slow but steady recovery in demand from major metal consumer China also helped to buoy sentiment.

Outlook: We expect copper to trade lower towards 744 levels, a break of which could prompt the price to move lower to 738 levels.

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