Crude oil prices started Thursday`s trade on a tepid note - ICICI Direct
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Bullion Outlook
* Gold prices opened slightly lower with a gap on Thursday and fell further during most of the session till a low of | 47300, then recovered and ended almost flat
* Prices have been correcting gradually in the last few sessions as a stronger dollar and rebound in US Treasury yields contended with the metal’s safe-haven status amid worries of a pandemic resurgence
* Therefore, we expect gold prices to consolidate in the range of | 47200-48200 levels in the short-term.
Energy Outlook
* Crude oil prices started Thursday’s trade on a tepid note. Later, they recovered from their low, and rose further during most of the session till a high of | 5360
* Crude fell as much as $6 on Monday but recovered all those losses as market participants expect overall crude demand to stay strong driven by the continuous fall in oil stocks and increasing rates of vaccinations
* Overall, we expect crude prices to consolidate in the range of | 5200-5400 levels in the short-term
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