MCX gold prices are expected to trade with a positive bias for the day

01-01-1970 12:00 AM | Source: ICICI Direct Ltd

MCX gold prices are expected to trade with a positive bias for the day - ICICI Direct

News By Tags | #473 #3961

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Daily Commodity Outlook

Bullion Outlook

* MCX Gold prices rose on Monday amid a drop in the US dollar index and US 10 year’s treasury yields

* Further, growing fears over the global economy going into recession supported bullion prices

* MCX gold prices are expected to trade with a positive bias for the day amid weakness in the US dollar. It is likely to surpass the hurdle of | 50,600 to trade in upward trend towards the level of | 50,750 in the coming trading session

* Additionally, silver prices are likely to take cues from gold prices to trade in an upward trend towards | 57,300 level

Base Metal Outlook

* MCX copper prices dropped yesterday as global supply worries countered demand uncertainty stemming from growth slowdown worries and China's stance on Covid-19 curbs

* MCX aluminium prices tumbled on Monday as inventories in London Metal Exchange (LME) warehouses jumped, fuelling fears of unwanted Russian-origin metal in the LME system

* We expect MCX aluminium prices to trade with a negative bias for the day amid continues rise in aluminium LME warehouse inventories

Energy Outlook

* MCX crude oil prices advanced on Monday amid fears that high inflation and energy costs could drag the global economy into recession, which may dent global fuel demand

* MCX natural gas prices edged lower by almost 7.20% after EIA forecast the total natural gas output in the big shale basins will increase 0.6 billion cubic feet per day (bcfd) to a record 95.1 bcfd in November

* We expect MCX natural gas prices to trade with a negative bias for the day on expectations of record high natural gas output in coming months