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

GOLD

The yellow metal continues to inch higher, as on Thursday prices gained over 1 percent to end the day at $1993.5 per ounce

Gold prices continued to rise for a second straight session, supported by a decline in Treasury yields following a US Federal Reserve indication that the cycle of monetary tightening may be coming to an end.

On Wednesday, the Fed increased interest rates by a quarter of a percentage point, but made clear that it was about to pause.

Outlook: Although the US Fed is likely to put off further rate hikes, which could result in increased inflation, gold prices are expected to remain higher.

CRUDE OIL

Despite the strong momentum in crude prices, prices fell on Thursday, with both the benchmark indices Brent and NYMEX ending with 0.07 percent and 1.33 percent drops, respectively.

The drop in crude prices was caused by concerns about potential oversupply after the US Energy Secretary stated that replenishing the country's Strategic Petroleum Reserve (SPR) could take several years.

Both benchmarks, however, were still on track for a weekly gain, having recovered from their biggest weekly losses in months last week due to the banking sector crisis and fears of a recession.

Outlook: The recent gains in crude prices are anticipated to be built upon as further rate increases are likely to be postponed and as a weaker dollar would likely increase the demand for oil.

BASE METALS

On Thursday, the base metals pack ended on a higher note, except for MCX Lead and Nickel, which ended slightly lower.

However, the positive momentum in copper prices continued, with prices rising to three-week highs, boosted by a weaker dollar as investors bet on a pause in US interest rate hikes by the Federal Reserve and stronger demand in top consumer China.

Traders said the weaker dollar, which makes dollar-priced commodities more appealing to holders of other currencies, had prompted fund houses to buy.

Outlook: Metal prices are expected to remain elevated amid speculation that the US Fed will likely hold off on further rate hikes in the face of the US banking crisis.

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