MCX gold prices are expected to trade with negative bias - ICICI Direct
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/11/352715573551cdefc63a72fc3e9f8c5b.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Bullion Outlook
Comex Gold price declined 0.20% on Monday amid stronger dollar, elevated US treasury yields and better than expected economic data from US. The New York Empire State Manufacturing Index increased to 30.9 in November 2021 from 19.8 in October, beating forecasts of 21.20
US benchmark 10 year treasury yields increased to 1.62, increasing opportunity cost of holding non-yielding bullion
However, sharp downside was prevented on worries over rising Covid cases in Europe and concerns over higher inflation
MCX gold prices are expected to trade with negative bias on the back of stronger dollar and rise in risk appetite in the global markets. Silver prices are expected to take cues from gold prices and will likely drag down towards 66,000 levels. Further, investors will now focus on retail sales data from US
Base Metal Outlook
MCX Metaldex prices declined 1.17% on Monday as all the base metals fell sharply. Base metals declined on the back of strong dollar and concerns over resurgent of Coronavirus cases in Europe, which may hurt demand for the industrial metal
The Japanese industry ministry said on Monday, Japan and US agreed to start discussions to solve the issue of additional US tariffs on steel and aluminium imports from Japan
MCX Metaldex is likely to trade in a range of 16,550 to 16,850 levels as base metals are expected to trade with mixed bias due to strong dollar and expectations of improved retail sales data from US. Further, investors are likely to keep an eye on possible outcomes from virtual meeting between President Biden and Chinese leader Xi Jinping
Energy Outlook
US crude oil prices declined 0.65% on Monday on the back of stronger dollar, expectations of higher crude oil supply and rising Covid-19 cases in Europe and China
US shale production across seven major regions in December is expected to reach pre pandemic levels of 8.31 million barrels a day
Some of the European nations have reimposed restrictions as a result of rising Covid-19 cases, which has put pressure on the crude oil demand
MCX crude oil prices are likely trade in the range of | 5,850-6100 levels with negative bias due to global demand concerns and on expectations that Biden's administration will release more oil from the US Strategic Petroleum Reserve. Further, investors will remain cautious ahead of IEA Monthly report
To Read Complete Report & Disclaimer Click Here
https://secure.icicidirect.com/Content/StaticData/Disclaimer.html
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/indiaai57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Advisory.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Southkorea14.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/piyushgoyal57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Currency.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/moil57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/government57.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Monarch networth.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/jitendrasingh57.jpg)