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Bullion counter may trade with sideways to weak bias as gold prices slipped on Monday as equity markets gained and the dollar steadied ahead of a U.S. Federal Reserve policy meeting later this week. There is much talk Fed policymakers will lower their interest rate forecasts, or dot plots, to show little or no further tightening this year. Gold can slip lower towards 31600. Silver can take support near 37700 and resistance near 38300. Uncertainty on the outlook for the world economy and global trade as well as a sharp U.S. growth slowdown expected by a range of forecasters mean that markets are on a hair trigger for signals from the Fed. Physical gold demand improved this week in India as a correction in local prices attracted buyers, particularly with the wedding season underway, while premiums in China rose on steady buying in the worlds leading consumer.


Crude oil may open on sideways path as it may trade in range of 4000-4060 in MCX. Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela. OPECs de-facto leader Saudi Arabia said on Sunday that balancing oil markets was far from done as inventories were still high. The International Energy Agency (IEA) said on Friday it expected oil markets to be in a modest deficit from the second quarter of 2019. The number of rigs drilling for new oil production in the United States has been falling in 2019, and hit its lowest level since April 2018 last week, at 833 operating rigs. However, U.S. crude oil production EIA still increased at the start of 2019, hitting a record 12.1 million barrels per day (bpd) in February, data from the Energy Information Administration (EIA) showed. The previous low for the trade gap was $9.4 billion in September 2017.


Base metals prices may trade with sideways to weak bias. Most industrial metals fell in early Asian trade on Monday after weak U.S. manufacturing data offered further evidence of a slowdown in economic growth early in the first quarter, while investors waited for clues as to when the Sino-U.S. trade war will end. Copper may slip lower towards 442 while facing resistance near 453 in MCX. Vedanta Ltd on Friday named metals industry veteran Pankaj Kumar as Sterlite Copper chief executive, amid struggles to reopen its smelter in southern India that was shut after police killed 13 demonstrators protesting against the plant. China’s refined copper output in January and February rose by 6.3 percent year-on-year to 1.34 million tonnes, the National Bureau of Statistics said on Friday. On a daily basis, output was around 22,712 tonnes, down 16.1 percent from December. Russian tycoon Oleg Deripaska sued the United States on Friday, alleging that it had overstepped its legal bounds in imposing sanctions on him and made him the “latest victim” in the U.S. probe into Moscow’s alleged election interference.

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