MCX gold prices rose on Wednesday as Russian President - ICICI Direct
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Daily Commodity Outlook
Bullion Outlook
• MCX gold prices rose on Wednesday as Russian President Vladimir Putin's move to mobilise more troops over the conflict in Ukraine drew investors to the safe haven asset
• However, sharp upside was capped by steep rise in dollar index
• MCX gold prices are expected to trade with a negative bias for the day amid aggressive interest rate hike by the US Fed, which will dent demand for bullion. It is likely to trade towards its key support level of 49,200
• Additionally, investors will closely watch initial jobless claims data from the US MCX Gold vs Sil
Base Metal Outlook
• MCX copper prices fell on Wednesday as London Metal Exchange (LME) warehouses saw 11,200 tonnes of copper arrivals on Tuesday, the largest single-day warranting since June
• Further, copper prices were pressurised on concerns over global economic slowdown, which may hamper base metals demand
• However, further downside was prevented by strong existing home sales data from the US
• We expect copper prices to trade with a negative bias for the day amid strong US dollar index. It is likely to trade towards its key support level of | 633 in coming trading sessions
Energy Outlook
• Nymex crude oil prices tumbled almost 0.70% to a near twoweek low in volatile trade on Wednesday, after the US Federal Reserve delivered another hefty rate hike to quell inflation that could reduce economic activity and demand for oil
• However, further downside was prevented after data showed US commercial crude oil inventories dropped from 431.9 million barrels to 430.8 million barrels in the last week
• We expect MCX crude oil prices to trade with a positive bias for the day as US gasoline demand over the past four weeks fell to 8.5 million barrels per day (bpd), its lowest since February
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