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Bullion Outlook

* Comex gold prices eased almost 0.50% on Friday amid a sharp rise in dollar index and on positive sentiments in the US markets 

* Further, disappointing macroeconomic data from the US and concerns over geopolitical uncertainty lifted demand for safe haven assets

* However, prospects of aggressive monetary tightening policy by the US Fed continued to pressurise bullion prices on higher side

* MCX gold prices are expected to trade with a negative bias due to stronger dollar index. It is facing resistance at 50 DMA, which is around | 51,200. As long as it sustains below this level, it is likely to correct towards | 50,400 in the coming days

* Silver prices are expected to take cues from gold prices and may move towards | 60,000 levels for the day..

Base Metal Outlook

* MCX copper and other industrial metal prices declined on Friday amid an uptick in US dollar and unsatisfactory macroeconomic data from the US

* Production at US factories unexpectedly fell in May, the latest sign of cooling economic activity as the Federal Reserve aggressively tightens monetary policy to tame inflation

* However, workers at Chilean state-owned miner Codelco, the world's largest copper producer, said on Saturday they will start preparations for a national strike after the firm announced the closure of the troubled Ventanas smelter

* MCX copper prices are likely to slip towards | 730 levels due to concerns over a slowdown in US housing activities, which may lower the industrial metal demand

Energy Outlook

* WTI crude oil prices retreated almost 6.0% on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy

* Moreover, Russia expects its oil exports to increase in 2022 despite western sanctions and a European embargo, the Russian deputy energy minister said on Friday

* Additionally, the first export of crude from Venezuela to Europe in more than two years may put some pressure on prices in coming sessions

* MCX crude oil prices are expected to trade with a negative bias on expectation of oil supply resume from Venezuela. It is trading below support levels of 50 DMA (| 8,465). As long as it sustains below this level, it is likely to slip towards 100 DMA, which is around | 8015 in the coming sessions

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