Gold prices opened flat on Tuesday - ICICI Direct
Bullion Outlook
* Gold prices opened flat on Tuesday and consolidated during most of the session in the range of | 46700-47000 levels
* Prices remained supported in the last session as Federal Reserve Chair Jerome Powell said the central bank would keep monetary policy accommodative as the US economy still needed support
* Hence, we expect gold prices to recover further towards | 47500 level in the short-term
Energy Outlook
* Crude oil prices started Tuesday’s trade on a strong note opening higher with a gap and corrected gradually during most of the session till a low of | 4417
* Prices corrected from their one year high in the last session as industry data showed US crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut
* Therefore, we expect crude prices to correct from current levels towards | 4300 level in the short-term
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