Gold prices started Wednesday’s trade on a weak note by opening slightly lower - ICICI Direct
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Bullion Outlook
• Gold prices started Wednesday’s trade on a weak note by opening slightly lower and prices fell further for most of the session till low of ₹ 46875.
• Prices corrected slightly in the last session, reflecting overall uncertainty over the path the Fed may adopt at its meeting next week after softer U.S. inflation data.
• Hence, we expect Gold prices to consolidate in the range of ₹ 46800-47300 levels for the day.
Energy Outlook
• Crude oil prices opened strongly higher with gap on Wednesday and prices rose further for most of the session till high of ₹ 5376.
• Prices rallied strongly in the last session as U.S. crude oil and fuel stockpiles dropped sharply last week, as refiners in the U.S. Gulf region and oil facilities offshore were still recovering from Hurricane Ida’s hit late August.
• Therefore, we expect Crude prices to remain positive towards ₹ 5450 level for the day.
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