MCX gold prices traded flat on Friday - ICICI Direct
Daily Commodity Outlook
Bullion Outlook
* MCX gold prices traded flat on Friday despite strong macroeconomic data from the US
* The US unemployment rate fell to 3.5% in September 2022, matching July's 29-month low and remaining below market expectations of 3.7%
* MCX gold prices are expected to trade with a negative bias for the day amid a strong US dollar. It is likely to break the key support level of Rs 51,800 to trade in a downward trend towards the level of Rs 51,600 in the coming trading session
* Additionally, silver prices are likely to take cues from gold prices and trade in a downward trend towards the level of Rs 59,500
Base Metal Outlook
* MCX copper and aluminium prices tumbled on Friday amid strong US dollar index and after the US Federal Reserve officials reaffirmed their drive to crush inflation
* Further, copper prices were pressurised by a sharp rise in copper LME warehouse inventories
* Moreover, despite the ongoing supply disruptions, concerns over macro headwinds and recession fears dented demand for base metals
We expect copper prices to trade with a negative bias for the day amid continuous rise is copper LME warehouse inventories
Energy Outlook
* MCX crude oil prices advanced by 5.00% on Friday, holding at a five-week highs after data showed US Baker Hughes total rig count dropped from 765 to 762
* Moreover, crude oil prices were supported as Opec+ agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day
* We expect MCX crude oil prices to trade with a positive bias for the day amid tightening of global crude oil supply from Opec+
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