MCX gold prices are expected to trade with a positive bias for the day - ICICI Direct
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
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
SEBI Registration number INZ000183631
Above views are of the author and not of the website kindly read disclaimer
Tag News
We anticipate immense potential benefits from the upcoming Sovereign Gold Bond Tranche in FY...
More News
MCX Gold October futures is likely to face the hurdle near 59700 and move towards the 50 da...