Gold prices surged 0.48% on Thursday on the back of a down tick in US treasury yields - ICICI Direct
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Bullion Outlook
• Gold prices surged 0.48% on Thursday on the back of a down tick in US treasury yields. However, sharp gains were capped on improved series of macroeconomic data from US
• US benchmark 10 year treasury yields declined to 1.53, reducing the opportunity cost of holding non yielding bullion
• Meanwhile, the number of Americans filing new claims for unemployment benefits fell to 198,000, lowest in more than 52 years
• MCX gold prices are likely to rise further towards 48,200 levels due to decline in US treasury yields and higher inflation. On the flip side, a rally in the rupee against the dollar may continue to put pressure on gold prices. Silver prices are expected to take cues from gold prices and are likely to march further towards 62,750 level for the day
Base Metal Outlook
• Aluminium prices declined 0.62% on Thursday amid stronger dollar index and as rapid spread of the Omicron Coronavirus variant fuelled concerns over its impact on economic activity
• Meanwhile, China’s industry ministry said on Wednesday, China aims to lower carbon emissions in the aluminium sector by 5% by 2025
• Further, Alcoa Corp reached a deal with workers to end primary aluminium production at its San Ciprian facility in Spain for two years, the Industry Ministry said on Wednesday, as soaring European energy prices pressure heavy electricity users
• MCX aluminium prices are likely to trade in a range of | 220 to 227 levels with negative bias due to global demand concerns over Omicron variant. However, a sharp downside may be prevented on falling LME warehouse stocks and supply deficit
Energy Outlook
• Oil prices advanced 0.60% on Thursday despite world's top importer China cut the first batch of crude import allocations for 2022
• US natural gas futures slipped 5.22% on Thursday as US output continues to rise and on forecasts for milder weather and less heating demand over the next two weeks than previously expected
• Saudi Arabia's King Salman said on Wednesday that Opec+ production agreement was needed for oil market stability and producers must comply with the pact
• MCX crude oil prices are likely to trade in the range of | 5,645 to 5,850 levels with a positive bias due to tight oil supply and lower stockpiles
• Further, investors will keep an eye on rigs count data from the US
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