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Published on 28/07/2021 11:55:53 AM | Source: ICICI Direct

Gold prices opened flat on Tuesday and rose slightly during most of the session till a high of Rs. 47642 - ICICI Direct

Posted in Commodities Reports| #Commodity Tips #ICICI Direct

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Bullion Outlook

* Gold prices opened flat on Tuesday and rose slightly during most of the session till a high of | 47642

* Prices remained sideways in the last few sessions as investors maintained a cautious stance ahead of the Federal Reserve policy meeting and awaited cues on the US central bank’s timeline for tightening its monetary policies

* Therefore, we expect gold prices to trade within the range of | 47300-47800 levels in the short-term

 

Energy Outlook

* Crude oil prices started Tuesday’s trade on a strong note opening slightly higher with a gap and corrected gradually during most of the session till a low of | 5308

* Prices remained supported in the last few sessions as investors bet the global demand recovery will remain intact despite a resurgence in Covid-19 leading to tighter restrictions on movement in many regions

* Overall, we expect crude prices to consolidate in the range of | 5250-5400 levels in the short-term

 

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