Intraday Outlook

Precious Metals: 

U.S. gold futures for December delivery settled up $16.70 at $1,796.50 an ounce, with trading volume 30 percent below its 250-day average.

Gold moved up to 11 months high on Thursday, especially due to stronger Euro and positive Job data. Investors also awaited a word from Spain on a bailout and monetary policy meeting in Europe.

Gold is steady since a fortnight as investors are exiting  risky assets and investing more in the safe haven assets such as gold especially after QE3.

Gold remained up on Friday, extending its previous day rally after ECB said it was ready to buy bonds to help Eurozone’s crisis struck nations. Increasing appeal for gold as hedge against inflation.

Gold prices in India fell on Thursday, extending losses for a fifth session in a row to its lowest level in nearly five weeks weighed by a stronger rupee, attracting importers seeking to stock the yellow metal for festivals.

Gold for December delivery on the Multi Commodity Exchange (MCX) was 0.72 percent  lower at INR31,087/10gms. After hitting the low of INR 31,063/10gms.

Energy:  

U.S. November crude rose $3.57, or 4.05 percent, to settle at $91.71 a barrel, having traded from $87.91 to $91.79.

U.S. crude futures rose 4 percent on Thursday as inflamed tensions between Turkey and Syria, a weaker dollar and refinery fires pulled crude oil prices higher.

Turkey stepped up disciplinary artillery strikes on a Syrian border town on Thursday, killing several Syrian soldiers, while its parliament approved further military action in the most serious case of cross-border escalation in the 18-month conflict in Syria.

U.S. crude futures held steady above $91 per barrel on Friday, after rising 4 percent in the previous session on escalating tensions in the Middle East, while continued global economic concerns are expected to weigh on prices. U.S. natural gas futures ended slightly higher, despite higher inventories announcement on Thursday. Market focused on cooler weather forecasts for next week and better heating demand as winter approaches to raise the Natural gas Prices.

Front-month gas futures on the New York Mercantile Exchange ended up 1.1 cents at $3.406 per million British thermal units after slipping to an intraday low of $3.36 right after the EIA report. Prior to the release of the data, the front month was trading in the $3.42 area.

Base Metals: 

In New York, COMEX copper for October delivery remained flat to settle at $3.7940 per lb, after dealing between $3.8000 and $3.7840.

Copper inched up on Thursday, due to weaker dollar and stronger Euro. Expectations of Spain asking bailout for its debt stricken economy pushed the Euro against dollar. However, China’s national holiday showed less trading volume.

U.S. job growth likely improved only slightly in September as businesses remained cautious out of fear a sharp tightening of the government's budget could deliver a big blow to the economic recovery early next year.

Copper edged up on Friday in line with a firmer euro after the European Central Bank said it was ready to buy bonds of troubled countries in the region, although volumes were low with top consumer China on a week-long holiday.

Benchmark copper on the London Metal Exchange (LME) rose 0.2 percent to finish at $8,305, from Wednesday's close of $8,290.