Gold prices fell as much as 2 . 2 % to a near one -week low on Thursday - ICICI Direct
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Bullion Outlook
* Gold prices opened slightly lower on Thursday and fell further during most of the session till a low of | 46060
* Prices have been falling gradually for the last few sessions as rising economic expectations and inflation concerns vaulted benchmark US Treasury yields to their highest levels since the pandemic began, helping lift the dollar
* Hence, we expect gold prices to remain weak towards | 45900 level in the short-term
Energy Outlook
* Crude oil prices started Thursday’s trade on a positive note opening higher and rose slightly further during most of the session till a fresh one-year high of | 4654
* Prices have been rallying strongly in the last week with global market tightening as investors await the Opec+ meeting next week, watching for any changes to production strategy following booming prices
* Therefore, we expect crude prices to consolidate in the range of | 4580-4650 levels in the short-term
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