Daily Commodities Outlook - March 30, 2021 - ICICI Direct

Bullion Outlook

- Gold prices started Monday's trade on a weak note opening lower with a gap and fell further during most of the session till a low of Rs. 44600

- Prices traded with a negative bias in the last few sessions pressured by a stronger US dollar and higher Treasury yields on optimism around a quick economic recovery as vaccinations gain momentum

- Hence, we expect gold prices to remain weak towards Rs. 44400 level in the short-term

Energy Outlook

- Crude oil prices opened slightly higher on Monday and fell sharply during the first half of the session till a low of Rs. 4388. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of Rs. 4495

- Prices remained supported in the last session as attention switched to an Opec+ meeting this week where the extension of supply curbs may be on the table amid new Coronavirus pandemic lockdowns

- Therefore, we expect crude prices to remain positive towards Rs. 4600 level in the short-term

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Source : Equity Bulls

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