MCX Gold prices are likely to trade in a range of | 47,700 to 48,100 levels - ICICI Direct
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Bullion Outlook
Comex Gold price declined 0.43% on Thursday after improved economic data from US. However, a sharp downside was prevented on decline in US treasury yields
The number of Americans filing new claims for unemployment benefits fell to 184,000, lowest in more than 52 years
The dollar index surged 0.36% on Thursday due to rising expectations that the US Federal Reserve may soon increase interest rates in the next year amid signs of higher inflation
MCX Gold prices are likely to trade in a range of | 47,700 to 48,100 levels with a negative bias on the back of stronger dollar index. However, a sharp downside may be prevented on risk aversion in the US markets. Further, investors will remain cautious ahead of CPI data from the US. Silver prices are expected to take cues from gold prices and decline further towards 60,000 levels for the day.
Base Metal Outlook
Copper prices declined 1.39% on Thursday amid stronger dollar index. However, a sharp downside was prevented on supply disruptions from Peru’s copper mine
The premium for LME cash copper over the three-month contract was at $14 a tonne, compared with a record $1,100 in October, an indication of easing supplies.
Further, Ratings agency Fitch has downgraded China’s property developers Evergrande and Kaisa Group on Thursday to restricted default status mainly due to non payment of offshore bond dues
MCX copper prices are likely to trade in a range of | 725 to 740 levels with a negative bias due to concerns over china’s property crisis. Further, worries about monetary policy tightening in the United States may hamper demand for industrial metals. However, a sharp downside may be prevented on tight supply
Base Metal Outlook
Oil prices declined 1.40% on Thursday after measures taken by some governments to slow the spread of the coronavirus variant and a ratings downgrade for two Chinese property developers that stoked fears over the economic growth of the world's biggest oil importer
US natural gas futures rose 1.49% on Thursday after the US Energy Information Administration (EIA) reported that utilities pulled 59 billion cubic feet (bcf) over the last week slightly higher than expected withdrawal from storage
British Prime Minister Boris Johnson imposed tougher COVID-19 restrictions in England on Wednesday. Further, Denmark also planned to close the restaurants, bars and schools
MCX crude oil prices are likely to trade in a range of | 5,300 to 5,480 levels with negative bias due to concerns over the global demand. Further, investors will keep an eye on rig count data from US
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