Gold prices opened flat on Thursday and rose gradually during most of the session - ICICI Direct
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Bullion Outlook
* Gold prices opened flat on Thursday and rose gradually during most of the session till a high of | 45500
* Prices have recovered strongly in the last two sessions as a slight pullback in the dollar and US bond yields helped bullion regain some its appeal as an inflation hedge against the backdrop of President Joe Biden's multi-trillion-dollar infrastructure investment plan
* Therefore, we expect gold prices to recover further towards | 45700 level in the short-term
Energy Outlook
* Crude oil prices started Thursday’s trade on a negative note opening slightly lower and rose strongly in a volatile session till high of | 4528
* Prices remained supported in the last session after US President Joe Biden outlined a $2.3 trillion spending plan to invest in traditional projects, such as roads and bridges, along with the news that US crude stocks fell unexpectedly last week, further helping support oil prices
* Overall, we expect crude prices to consolidate in the range of | 4330-4530 levels in the short-term
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