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

GOLD

Gold prices on Wednesday ended the day nearly unchanged, as bullion continues to hold above $2020 per ounce.

The dollar began to gain ahead of the much-anticipated US non-farm payrolls report, as investors sought clarity on whether the Federal Reserve will pause its monetary tightening.

While gold has long been regarded as a hedge against inflation, rising interest rates have diminished the appeal of non-yielding bullion.

The US services industry slowed more than expected in March as demand cooled, according to the ADP National Employment Report released on Wednesday, whereas US private companies employed considerably fewer people than predicted in March, according to the ADP National Employment Report.

Outlook: We expect gold to trade lower towards 60400 levels, a break of which could prompt the price to move lower to 60070 levels.

CRUDE

Both the benchmark indices continue to end on a mixed note on Wednesday, as Brent managed to inch up higher, whereas NYMEX ended on a lower note.

Job opportunities in the United States fell to their lowest level in over two years in February, indicating that the labour market was cooling, which might eventually affect demand.

The report nullified the market's reaction to earlier OPEC+ cuts as well as the recent fall in US oil stockpiles.

For the third month in a row, Saudi Arabia, the world's largest oil supplier, raised the price of its flagship crude for Asian clients.

Outlook: Since a weaker dollar would probably result in higher demand for oil, it is expected that the recent upmove in the price of oil will remain elevated. 

BASE METALS

On Wednesday, the base metals pack ended on a mixed note, as only Copper managed to end higher, while all the other metals ended lower.

Copper prices were supported by supply concerns as inventories tightened and production hiccups occurred, as well as improved demand from main consumer China and the weak US currency.

A private-sector survey released on Thursday revealed that China's services activity increased at the fastest rate in two and a half years in March, thanks to solid new orders and job creation, as well as a consumption-led post-COVID recovery.

A weaker US currency also helped the market, making the greenback-priced commodity more appealing to non-dollar holders.

Outlook: We expect copper to trade higher towards 772 levels, a break of which could prompt the price to move higher to 776 levels.

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