Intraday Outlook

Precious Metals

U.S. COMEX gold futures for December delivery settled up $5.50 at $1,770.60 an ounce, with trading volume about 40 percent below its 30-average.

Gold went up on Thursday as drop in number of Americans filing new claims for jobless benefits helped gold to push up along with other markets such as equities.

IMF on Thursday said that Eurozone’s debt stricken economies should have more time to repay their deficit. 

This helped in pushing Euro against dollar and supported gold prices to move up.

Gold remained flat on Friday as investors awaited core US data today. It is on the target of biggest weekly drop in two months.

In India gold pushed down due to stronger dollar also traders awaited for the prices to come further down during festival season.

Gold for  December delivery on the Multi Commodity Exchange (MCX) was 0.43 percent  lower at INR 31,321/10gms. After hitting the low of INR31,283/10gms.

Energy

U.S. November crude rose 82 cents, or 0.90 percent, to settle at $92.07 a barrel, having traded from $91.09 to $92.

U.S. crude futures rose on Thursday as tensions between Turkey and Syria and between Iran and the West continued to  raise concerns about the risk to oil supply from the Middle East.

US crude oil stock increase more than our expectations, but weaker dollar helped international crude prices to move up along with the Middle East tensions.

US crude fell on Friday as increased inventories and weakening global demand pushed crude prices to move down. 

U.S. natural gas futures settled higher on Thursday for a fourth straight day, with a government report showing a weekly inventory build well below market expectations driving the front contract to a new high for the year.

Front-month  gas futures on the New York Mercantile Exchange ended up 12.9 cents, or 3.7 percent, at $3.604 per million British thermal units after climbing early to a new 2012 high of $3.628 shortly after the EIA report.

Base Metals

In New York, COMEX copper for October delivery went up  to settle at $3.7590 per lb, moving up 3cents or 0.80% for the day.

Copper moved up on Thursday as weaker dollar compared to Euro helped pushing crude prices up. Unemployment claims fall in US also supported base metals to move up.

Imports of copper and iron ore by China, the world's top consumer of these raw materials, are expected to rise in September from the previous month, amid hopes of recovery in commodities demand pushed buyers to increase their stock. 

London copper slipped on Friday and was set to log a one percent loss this week on persistent worries about sluggish economic growth while traders eyed Chinese import data at the weekend for a health check of the world's top metals consumer Three-month copper on the London Metal Exchange closed 0.9 percent higher at $8,239.50 per ton after hitting a two-week low of $8,105 earlier in the day.