MCX gold prices tumbled on Thursday amid strong macroeconomic data from the US - HDFC Securities
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Bullion Outlook
• MCX gold prices tumbled on Thursday amid strong macroeconomic data from the US
• Further, a rise in the US dollar index and US 10-year treasury yields pressurised bullion prices
• 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 support of | 50,200 to continue its downward trend towards the level of | 50,000 in the coming session
• Additionally, silver prices are likely to take cues from gold prices and drop towards the level of | 53,400
MCX Gold vs Silver Performance
Base Metal Outlook
• MCX copper and aluminium prices marched higher on Thursday on worries that stoppages due to high energy prices or other disruptions will spur shortages
• Further, European smelters are estimated to have cut an annualised 800,000 to 900,000 tonnes of aluminium production since energy prices began to rise last year
• We expect copper prices to trade with a positive bias for the day amid concerns over output cuts in Europe. Hence, the potential is high for a move higher in base metals prices
MCX Copper vs. Aluminum Performance
Energy Outlook
• MCX crude oil prices advanced by more than 1.00% on Thursday after Russia threatened to halt oil and gas exports to some buyers
• However, a sharp rise is US commercial crude oil inventories from 418.4 mb to 427.2 mb prevented further upside in crude oil prices
• We expect MCX crude oil prices to trade with a positive bias for the day amid concerns over Russian President Vladimir Putin's threat to halt oil and gas exports
MCX Crude Oil vs. Natural Gas Performance
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