Gold prices opened marginally lower on Monday and corrected sharply during the day till a low of 47125 - ICICI Direct
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Bullion Outlook
Gold prices opened marginally lower on Monday and corrected sharply during the day till a low of | 47125
Market participants are looking ahead to US non-farm payrolls data, which could be key to the Federal Reserve’s tapering decision
Therefore, we expect gold prices to remain in range of | 46800-47500 level during the day
Energy Outlook
Crude prices opened lower on Monday and corrected sharply during the first half of the session till a low of | 4964. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 5082
Prices remained supported in the last session as the Tropical Storm Ida, which has already started shutting offshore oil output in the Gulf of Mexico and could cause billions of dollars of damage, grows into a hurricane and makes landfall this week
Hence, we expect crude prices to trade positive towards | 5170 level during the day
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