Prices remained supported in the last session as US oil output dropped - ICICI Direct
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Bullion Outlook
• Gold prices opened slightly lower on Friday and fell further during most of the session till a low of | 46751
• Prices remained subdued in the last few sessions amid growing uncertainty over the US Federal Reserve’s timeline to start tapering stimulus, with the precious metal heading to record a weekly decline
• Therefore, we expect gold prices to correct further towards | 46600 level for the day
Energy Outlook
• Crude oil prices started Friday’s trade on a positive note opening strongly higher with a gap and rose further during most of the session till a high of | 5138
• Prices remained supported in the last session as US oil output dropped by most on record after Hurricane Ida. Even the deadly Texas freeze did not do as much damage to oil production as Hurricane Ida
• Hence, we expect crude prices to remain positive towards | 5160 level for the day
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