MCX Commodities to Watch Today: Gold, Crude Oil, and Base Metals in Focus on March 13, 2026

The Multi Commodity Exchange (MCX) is abuzz this Thursday, March 13, 2026, as gold consolidates with a sideways-to-bullish bias, crude oil maintains its strong bullish structure, and base metals exhibit varied trends amid global economic shifts and heightened geopolitical tensions. Investors are closely monitoring price action, with key MCX commodities like gold, silver, crude oil, natural gas, copper, and zinc presenting significant trading opportunities in the Indian market. The revised MCX trading hours, adjusted from March 9, 2026, due to US Daylight Saving Time, now see non-agri commodities trading from 09:00 AM to 11:30 PM IST, aligning with global market timings and demanding adjusted strategies from traders.

The Catalyst

Global sentiment remains heavily influenced by persistent geopolitical tensions, particularly the escalating Middle East conflict involving the US, Israel, and Iran, which continues to drive safe-haven demand for gold and create significant volatility in crude oil markets. Recent US-Israel strikes on Iran have further intensified these concerns, contributing to an overall risk-off environment that impacts commodity flows. Concurrently, market participants are keenly awaiting crucial US economic data, including the upcoming consumer price index (CPI) and Personal Consumption Expenditures (PCE) index releases. These indicators are pivotal in shaping expectations around the US Federal Reserve's monetary policy outlook, directly influencing the US Dollar Index and, consequently, the prices of dollar-denominated commodities on the MCX.

Financial Forensics

Gold (MCX April Futures): MCX Gold is currently trading with a sideways-to-bullish bias, appearing poised for a rally towards the ₹170,000 mark in the near term. Technical analysis indicates a strong base built near the ₹158,000 level, acting as a crucial support zone. Any price dips towards ₹149,000 to ₹140,000 could be considered strategic buying opportunities, with FinScann analysis suggesting potential long-term upside targets between ₹190,000 and ₹200,000. As of March 13, 2026, MCX Gold (Rs/10g) was observed at ₹161,455, showing a marginal decline.

Silver (MCX May Futures): Following gold's trajectory, MCX Silver also exhibits a sideways-to-bullish bias and is anticipated to rally towards ₹300,000 per kilogram. The immediate support for Silver is identified near ₹254,000, which has held strong. Recent trading saw MCX Silver May futures at approximately ₹266,362 per kg on March 12, 2026.

Crude Oil (MCX March Futures): Crude Oil futures are maintaining a robust bullish structure, despite experiencing a mild pullback and consolidation around ₹8125 per barrel. This follows a strong impulsive rally from the ₹6800–₹7400 breakout zone. FinScann's technical outlook suggests that a sustained move above ₹8300–₹9607 could trigger further acceleration towards targets of ₹9500–₹10000. Immediate support for crude oil is located near ₹7999–₹8326. Global crude prices have been significantly impacted by the Middle East conflict, with earlier surges due to supply disruption concerns.

Natural Gas (MCX March Futures): Natural Gas futures display strong bullish continuation, having broken out above a key resistance zone around ₹270–₹290. Currently trading near ₹296.2, a sustained close above ₹300–₹307.9 could propel prices towards ₹320–₹330 or higher extension levels. Immediate support for Natural Gas is now established near ₹290–₹285.

Base Metals (MCX):

• Copper: MCX Copper was trading around ₹1,205.10 on March 12, 2026. However, international copper prices have seen declines, falling below $13,000 per ton as London Metal Exchange inventories increased, creating a bearish overhang.
• Zinc: MCX Zinc is currently in a bullish trend with positive momentum, finding good support near its 50-Day Exponential Moving Average (DEMA) line. Traders may look for buying opportunities with an immediate resistance target of ₹330–₹332 and a critical support level at ₹320.

Note: Prices are approximate and based on recent available data as of March 12-13, 2026. Live prices will fluctuate.

Market Impact

The sustained bullish momentum in crude oil and natural gas is likely to impact energy-intensive sectors, potentially increasing input costs for industries and exerting inflationary pressures across the Indian economy. For the broader equity markets, especially the Nifty 50 and Sensex, commodity price volatility can spill over, leading to increased risk aversion. The dip in gold and silver prices today, despite geopolitical tensions, reflects a stronger US dollar and a reassessment of Federal Reserve policy expectations. However, the underlying long-term bullish outlook for precious metals, driven by central bank buying and inflation concerns, remains intact, making any corrections attractive for accumulation.

Key Takeaways

• Precious Metals: While gold and silver currently face headwinds from a stronger USD, their role as safe-haven assets amidst geopolitical uncertainty provides structural support. Consider buying on dips, especially for long-term portfolio diversification.
• Energy Commodities: Crude oil and natural gas are exhibiting strong bullish trends, largely driven by supply-side concerns and geopolitical risks. Traders should monitor global supply-demand dynamics and geopolitical headlines closely.
• Base Metals: Copper faces international bearish sentiment due to inventory build-up, while Zinc shows positive technical momentum. Sector-specific news and industrial demand in India will be crucial drivers.
• Risk Management: Given the current market volatility, employing strict stop-losses and appropriate position sizing is paramount for MCX traders.
• Economic Data: Keep a close watch on forthcoming US economic data, as it will significantly influence the dollar's strength and, by extension, commodity prices.

FinScann Verdict

On March 13, 2026, the MCX commodity landscape presents a complex yet opportunity-rich environment. While precious metals offer long-term accumulation potential amidst short-term dollar strength, the energy complex, particularly crude oil and natural gas, maintains strong bullish momentum driven by geopolitical catalysts. FinScann advises investors to remain agile, leveraging technical indicators and global macroeconomic cues to navigate the markets effectively and capitalize on India-specific trends.

Q: What factors are primarily driving MCX commodity prices today? A: MCX commodity prices today are primarily driven by escalating geopolitical tensions in the Middle East, particularly the conflict involving the US, Israel, and Iran, which boosts safe-haven demand for gold and impacts crude oil supply. Additionally, anticipation of crucial US economic data, such as inflation figures and the Federal Reserve's policy outlook, significantly influences the US Dollar Index, which in turn affects dollar-denominated commodities.

Q: Why have MCX trading hours changed recently? A: The Multi Commodity Exchange (MCX) revised its trading hours from March 9, 2026, to align with global market timings, specifically due to the change in US Daylight Saving Time. Non-agricultural commodities (like gold, silver, crude oil, natural gas, and metals) now trade from 09:00 AM to 11:30 PM IST, a slight reduction from the previous 11:55 PM IST close.

Q: Is gold still considered a good investment amidst current market conditions? A: Yes, gold continues to be viewed as a robust investment, especially during periods of market uncertainty and geopolitical instability. While it may experience short-term pressure from a stronger US dollar, the broader macroeconomic factors supporting gold, such as central bank buying, inflation concerns, and rising global debt, suggest a long-term bullish outlook. Dips in price can be seen as opportunities for gradual accumulation.

Q: How do global crude oil prices affect the Indian economy? A: India is a major importer of crude oil, so global crude oil price movements significantly impact the Indian economy. Rising crude oil prices increase input costs for industries, raise transportation expenses, and can put pressure on government finances through higher subsidies, often leading to inflationary concerns and negative sentiment in equity markets.

Disclaimer: For information only; not investment advice. Stock market investments carry risks. Please consult a SEBI-registered advisor before investing. FinScann assumes no liability for decisions made based on this report.