Gold prices started Wednesday`s trade on a negative note opening slightly lower - ICICI Direct
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Bullion Outlook
* Gold prices started Wednesday’s trade on a negative note opening slightly lower and recovered strongly during most of the session till a high of | 44990
* Overall, prices have been consolidating near their one year low in the last few sessions as elevated US bond yields and a stronger dollar diminished the safe-haven bullion’s appeal
* Hence, we expect gold prices to consolidate in the range of | 44200-45200 levels in the short-term
Energy Outlook
* Crude oil prices opened strongly higher on Wednesday and corrected gradually during most of the session till a low of | 4337
* Prices remained subdued in the last two sessions amid concerns over near-term demand and dollar strength ahead of a closely watched Opec+ meeting this week at which the group will decide on output policy
* Therefore, we expect crude prices to consolidate in the range of | 4330-4440 levels in the short-term
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