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Bullion Outlook

• Comex gold prices surged 0.58% on Thursday amid a risk aversion the global markets and a sharp decline in US 10 year bond yields.

• Further, disappointing Jobless claims data from the US extended further support to the gold prices. The number of Americans filing new claims for unemployment benefits jumped to 202,000 for the week ended March 26.

• However, a surge in US dollar index capped further upsides in bullion prices

• Gold prices are expected to rise further towards | 52,300 due to weaker sentiments in the global markets and uncertainties in Ukraine turmoil. Silver prices are expected to take cues from gold prices and move further towards | 68,300 for the day. Additionally, investor will remain cautious ahead of Payroll and manufacturing data from the US

Base Metal Outlook

• LME Copper and other industrial metal prices retreated on Thursday on the back of strong dollar index and disappointing manufacturing PMI data from the China.

• China's official manufacturing PMI index eased to 49.50 in March of 2022 compared to 50.20 in the previous month, amid outbreak in Covid-19 cases and commodity supply disruptions have weighed on China's manufacturing activities

• MCX Copper prices are likely to consolidate in the range of | 830 to | 815 for the day due to anticipations of better than expected ISM manufacturing data from the US. However, rising dollar index and slowing China’s factory order activities will weigh on the Industrial metal prices.

• Additionally, investors will keep an eye on series of macro economic data from the US.

Energy Outlook

• Nymex crude oil prices slipped 6.76% on Thursday after US Biden administration announced that it will release 1 million barrels per day of oil from the Strategic Petroleum Reserve (SPR) for the next six months to cool down the oil prices.

• However, OPEC and allies countries agreed on Thursday to another modest monthly oil output boost in May despite elevated oil prices and calls from the consumer countries for more supply. It will increase output by 432,000 barrels per day in May.

• MCX Crude prices are expected to trade with a negative bias due to higher oil supply from US and weaker fuel demand from China. MCX crude oil price will likely to correct towards 50 day moving average which comes to around | 7,450 levels for the day and breaking below which more weakness can expected in oil prices in the coming days. Additionally, market participant will keep focus on oil rig counts data from the US

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