Published on 25/09/2020 11:37:58 AM | Source: ICICI Direct

Gold prices opened slightly lower on Thursday - ICICI Direct

Posted in Commodities Reports| #Commodity Tips #ICICI Direct

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Bullion Outlook

* Gold prices opened slightly lower on Thursday. However, prices did not sustain at lower levels and recovered gradually for most of the session till a high of | 50050

* Prices have taken strong support in the last session as US Federal Reserve officials reaffirmed their low interest monetary policy until the labour market recovers or inflation rises to 2%

* Therefore, we expect gold prices to consolidate near the immediate support of | 49000



Energy Outlook

* Crude oil prices started yesterday’s trade on a weak note opening lower with a gap and recovered gradually for most of the session till a high of | 2979

* Prices have been consolidating in a narrow range in the last few sessions as a drop in US crude inventories provided some support. However, global fuel demand concerns continued to cap gains

* Hence, we believe crude prices will remain in the range of | 2900-3000 for the short-term



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