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Bullion Outlook

• Gold prices rose on Tuesday amid weakness in the dollar. However, easing worries over the banking crisis limited gains for safe haven

• Additionally, consumer sentiments in the US improved modestly in March with the conference board's consumer confidence index edging higher to 104.2 from 103.4 in February

• Gold is likely to trade with a positive bias for the day mainly on the back of a soft dollar. Meanwhile, higher bond yields may limit gains. Additionally, markets sentiments improved as investors are relieved by no new signs of bank failures. MCX gold is expected to surpass the hurdle of 59,300 to continue its upward trend towards the level of 59,600 in the coming trading sessions

• MCX silver prices remained volatile and edged up nearly 0.80%. They are likely to continue their upward trend towards the level of 71,200

Base Metal Outlook

• MCX Copper prices remained volatile and edged higher yesterday as a deal to buy the assets of stricken US lender Silicon Valley Bank (SVB) spurred risk appetite

• Further, copper prices were supported on weakness in US dollar index and drop in copper inventories at LME registered warehouses

• Copper is expected to trade with a positive bias for the day amid soft dollar and persistent decline in copper inventories at LME registered warehouses. Further, market sentiments improved as concerns over financial instability abated and investors are betting that the bank distress wont spill over into broader economy. Additionally, Richmond Fed said its latest survey showed improvement in business conditions for manufacturers. MCX copper is likely to break the key resistance level of 779 to continue its upward trend towards the level of 782

Energy Outlook

• Crude oil prices extended their gains on Tuesday from the previous session on supply disruption risks from Iraqi Kurdistan and hopes that banking sector turmoil is contained

• Also, US crude oil stocks fell by about 6.1 million barrels in the week ended March 24, as per market sources citing American Petroleum Institute figures

• Crude oil prices are expected to trade with a positive bias for the day amid weak dollar and on signs of recovering demand in China. As per China National Petroleum Corp the country’s crude oil imports are expected to rise by 6.2% in 2023 to 540 million tones. MCX crude oil is likely to continue its upward trend towards the level of 6160 for the day

• MCX Natural gas prices tumbled more than 1.50% yesterday and are expected to continue their downward trend towards the level of 178

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