Gold prices opened flat on Wednesday - ICICI Direct
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Bullion Outlook
Gold prices opened flat on Wednesday and consolidated during most of the session in the range of | 47000-47300 levels
Prices remained subdued in the last session as investors largely looked past a slew of US economic readings to focus on key labour data that could influence the Federal Reserve’s tapering plans
Therefore, we expect gold prices to trade within the range of | 46800-47300 levels for the day
Energy Outlook
Crude oil prices started Wednesday’s trade on a positive note opening higher and corrected gradually in the first half of the session till a low of | 4911. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of 5010
Prices declined as Opec+ stuck with a plan to boost crude production, with the cartel wagering that the global market can absorb the additional supply as demand improves and stockpiles get drawn down
Overall, we expect crude prices to fall towards | 4900 level
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