Gold prices edged higher on Friday - ICICI Direct
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Bullion Outlook
* Gold prices opened sharply lower with a gap on Friday and recovered gradually during most of the session till a high of | 46490
* Prices have been under pressure in the last few weeks as US treasury yields continued their march higher, souring the noninterest bearing metal's appeal
* Therefore, we expect gold prices to consolidate in the range of | 45800-46800 levels in the short-term
Energy Outlook
* Crude oil prices started Friday’s trade on a weak note opening sharply lower with a gap and consolidated during most of the session in the range of | 4290-4390 levels
* Prices have been correcting sharply in the last two sessions alongside a broader market selloff with the ongoing energy crisis in the US likely keeping refineries shut for another week
* Hence, we expect crude prices to correct further towards | 4230 level in the short-term
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