MCX gold prices advanced on Friday amid weakness in the US dollar index - ICICI Direct
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Bullion Outlook
• MCX gold prices advanced on Friday amid weakness in the US dollar index
• Further, a drop in US 10 year’s treasury yields supported bullion prices
• MCX gold prices are expected to trade with a positive bias for the day amid weak US dollar. It is likely to surpass the hurdle of | 50,700 to continue its upward trend towards the level of | 50,880 in the coming session
• Additionally, silver prices are likely to take cues from gold prices and rise towards the level of | 55,800
Base Metal Outlook
• MCX copper prices traded higher on Friday amid optimism about top metals consumer China and persistent smelter shutdowns curbing supply
• However, weak macro economic data from China prevented further upside. China's annual inflation unexpectedly fell to 2.5% YoY in August 2022 from July's two-year high of 2.7%, less than market forecasts of 2.8%
• We expect copper prices to trade with a positive bias for the day amid high energy prices that have forced cuts in the production of base metals
Energy Outlook
• MCX crude oil prices edged higher by more than 3.00% on Friday supported by real and threatened cuts to supply
• Further, a drop in US Baker Hughes oil rig count from 596 to 591 supported crude oil prices
• We expect MCX crude oil prices to trade with a positive bias for the day amid expectations that Iraq has received requests to increase the quantities of crude oil it exports to Asia
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