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After a lackluster February, gold hit fresh all-time highs in March. The gold contract on MCX scaled a new all-time high of Rs 66,356 per 10 grams during a holiday-truncated week. The yellow metal has risen by Rs 3,529 or 5.64% so far in March over February and is up 4.93% in 2024 so far. In the international market, the new lifetime peak was $2,195 per troy ounce on the Comex.

Manav Modi says: "According to a recently released annual report, gold by the end of the year could test levels of $2,260 per troy ounce on the COMEX and Rs 69,000 per 10 gram on domestic bourses. For silver also, its demand as an industrial metal has increased in the past few years and hence any uptick in overall infrastructure or growth could benefit metals prices as well."

"We anticipate silver will follow golds trend and move higher in 2024. Long-term fundamentals are still positive for silver, as global demand is likely to outshine due to the faster adoption of green energy. From the level specific, Comex silver will rise to $30 per ounce; a decisive breakout above the $30 level will open further upside towards $33/$37.0. It has support at $19.80."

Anuj Gupta, Head Commodity & Currency at HDFC Securities, predicts that crude oil prices will likely stay below $100 per barrel in the long term due to the unpreparedness of economies for another bout of inflation. He believes that in a demand-supply mismatch, producers will increase crude oil production. Despite recent increases in output from Nigeria and Iran, Gupta expects the oil market to remain in deficit in 2023. He also suggests that crude oil prices may witness a correction before resuming their rally.

"If crude oil prices surge above $110 per barrel and remain at that level, it could potentially reignite inflation concerns. However, the robust demand outlook for 2024 projected by OPEC might help to mitigate this risk, as OPEC and other producers are likely to increase production after the end of 2023."