IGI Logo

Bullion Outlook

• Gold prices edged lower on Thursday as the number of Americans filing for unemployment benefits fell from the previous week to 192,000 on the week ending March 11, well below expectations of 205,000. It was the biggest fall since July mostly impacted by the drop in claims in New York

• Further, bullion prices dipped on rise in US 10 years treasury yields

• Gold is likely to trade with a positive bias for the day amid weakness in dollar. Additionally, gold prices may rally further as data is likely to show that US consumer sentiment slumped in March 2023. MCX gold is expected to trade in upward trend towards the level of 58,350

• MCX silver prices are likely to trade in upward trend towards the level of 67,300

Base Metal Outlook

• Copper prices rose yesterday as central bank support for embattled bank Credit Suisse eased fears of further turmoil in the banking sector

• Further, rise in risk appetite in global markets and weak dollar supported copper prices. Additionally, Treasury secretary Janet Yellen said US banking system remains sound

• Copper is expected to trade with a positive bias for the day amid weak dollar and rise in stock markets. Market sentiments improved after 11 of the nation’s biggest banks deposited $30 billion to prop up First Republic bank in a bid to stem recent panic in banking system. Additionally, Credit Suisse said that it would borrow up to $53.7 billion from central bank to strength its liquidity position. MCX copper is likely to break the key resistance level of 755 to trade in upward trend towards the level of 758 in coming trading session

Energy Outlook

• Crude oil prices rose on Thursday after dropping to near 15-month lows earlier in the session, supported by reports that top producers Saudi Arabia and Russia met to discuss ways to enhance market stability

• Further, Opec+ considers this week's slide in oil prices to a more than oneyear low to be driven by financial fears, not any imbalance between demand and supply

• Crude oil is expected to trade with a positive bias for the day on expectations that the crude oil demand will rise from the top oil importer China. Further, crude oil prices may be supported on broader recovery in financial markets after Credit Suisse was thrown a lifeline by Swiss regulators and US Treasury Secretary Janet Yellen assured lawmakers that the US banking system remains sound. MCX Crude oil prices are likely to continue its upward trend towards the level of 5900

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631

Above views are of the author and not of the website kindly read disclaimer