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Bullion Outlook

* Gold prices edged up on Thursday amid a weak dollar and lower bond yields

* Further, bullion prices were supported as the American economy expanded at an annualised 2.6% QoQ in the last three months of 2022, slightly less than initial estimates of a 2.7% rise. Consumer spending rose 1% below 1.4% in the second estimate, as spending on services advanced much less than initially estimated

* Gold is likely to trade with a positive bias for the day amid weakness in the US dollar. Further, investors will closely watch Fed’s preferred inflation measure core PCE price index data from the US, which is expected to drop from 0.6% to 0.4%. MCX gold is expected to continue its upward trend towards the level of 59,300

* MCX silver prices continued to gain yesterday and are likely to continue their upward trend towards the level of 73,000

Base Metal Outlook

*MCX Copper prices continued to rise on Thursday on signals of recovering demand in top metals consumer China, worries over supply disruptions and weak dollar

* Further, copper prices were supported on falling copper inventories at LME registered warehouses

* Copper is expected to trade with a positive bias for the day on the back of a soft US dollar and rise in risk appetite in global markets. Market sentiments have improved on waning concerns about global banks and on hopes that US Fed could soon pause its interest rate increases. Additionally, better-than-expected economic data from China will lend support to prices. MCX copper is likely to continue its upward trend towards the level of 782

* MCX Aluminium prices rose yesterday and are expected to continue trading in an upward trend towards the level of 209.50

Energy Outlook

*MCX natural gas prices dropped more than 4.00% as US utilities pulled 47 billion cubic feet (bcf) of gas from storage during the week ended March 24, below market expectations of a 54 bcf withdrawal

* Crude oil prices rose on Thursday supported by lower US crude stockpiles and a halt to exports from Iraq's Kurdistan region, which offset pressure from a smaller-than-expected cut to Russian supplies

* Further, crude oil prices were supported after China's state energy giant PetroChina said China's refined fuel consumption this year is likely to grow 3% from 2019 pre-Covid levels

* Crude oil prices are expected to trade with a positive bias for the day on soft dollar, optimistic global market sentiments. Further, China’s manufacturing and services PMI data showed expansion in activity for a third consecutive month. MCX crude oil is likely to continue its upward trend towards level of 6180

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