Gold prices started Monday`s trade on a weak - ICICI Direct
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Bullion Outlook
Gold prices started Monday’s trade on a weak note opening slightly lower and consolidated during the whole session in the range of | 47350-47500 levels
Prices steadied near a two and a half-month high in the last session after weaker-than-expected US non-farm payrolls data drove expectations that the Federal Reserve may go slow on tapering economic support measures
Hence, we expect gold prices to remain positive towards | 48000 level for the day
Energy Outlook
Crude oil prices opened sharply lower with a gap on Monday and recovered gradually during most of the session till a high of | 5084
Prices corrected sharply in the last session after Saudi Arabia slashed crude prices for Asian buyers by a larger-than-expected margin just days after Opec+ agreed to continue raising production
Therefore, we expect crude prices to correct further towards | 4950 level for the day
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