MCX Gold seen rising to Rs.155K if holds above Rs.148K - ICICI Direct
Bullion Outlook
* Spot Gold is likely to trade with positive bias amid weakness in dollar and fall in US treasury yields. Further, prices may rally as US President Donald Trump said he has agreed to 2-week pause in attacks, easing fears over energy driven inflation. Additionally, Trump said he has received a 10-point proposal from Iran that he described as a “workable basis for negotiations.” Moreover, prices may get boost on reports that China has accelerated its gold purchases. PBOC purchased gold for 17th consecutive month. Country’s holding rose to 74.38 million fine troy ounces by the end of March. Meanwhile, sharp upside may be capped as investors will remain cautious ahead of FOMC meeting minutes to get some clarity on interest rate trajectory
* MCX Gold June is expected to rise towards Rs.154,000- Rs.155,000 level as long as it stays above Rs.148,000 level.
* MCX Silver May is expected to rise towards Rs.237,000- Rs.240,000 level as long as it stays above Rs.224,000 level.
Base Metal Outlook
* Copper prices are expected to trade with positive bias amid weakness in dollar and rise in risk appetite in the global markets. Market sentiments improved after US agreed to suspend bombing and attacks on Iran for 2 weeks, paving way for long-term peace agreement and resumption of Gulf oil and gas exports. Furthermore, prices may rally on the prospect of stronger demand in China. Copper stocks monitored by SHFE have been declining since March 20, signaling demand. Moreover, Yangshan copper premium, a gauge of China's appetite for imported materials, held at $63 a ton. It earlier hit $69, the highest since June 2025
* MCX Copper April is expected to rise towards Rs.1175 level as long as it stays above Rs.1150 level. A break above Rs.1175 level prices may be pushed towards Rs.1180- Rs.1185 level
* MCX Aluminum April is expected to slip towards Rs.349 level as long as its stays below Rs.359 level. MCX Zinc April is likely to rise towards Rs.333 level as long as it stays above Rs.325 level.
Energy Outlook
* NYMEX Crude oil is likely to trade with negative bias as U.S. President Donald Trump agreed to a 2-week ceasefire with Iran, averting planned strikes on civilian infrastructure. Moreover, Iran has shown willingness to de-escalate, safe passage through Strait would be possible during ceasefire, provided hostilities are halted and vessels coordinate with Iranian authorities. Additionally, US President Donald Trump said the U.S. had received a 10-point proposal from Iran which he called a workable basis to negotiate, underpinning hopes for long term peace agreement. Meanwhile, investors will remain cautious ahead of EIA weekly inventory data
* MCX Crude oil April is likely to open with gap-down. Oil prices may slip towards Rs.9000- Rs.8500 level as long as it stays below Rs.10,000 level.
* MCX Natural gas April is expected to slip towards Rs.255- Rs.250 level as long as it stays below Rs.277 level.
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