Gold prices opened slightly lower on Friday and fell sharply further during most of the session - ICICI Direct
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Bullion Outlook
* Gold prices opened slightly lower on Friday and fell sharply further during most of the session till a low of | 46556
* Prices fell sharply in the last session as a stronger-than expected US jobs report raised concerns of tapering by Federal Reserve sooner than later, boosting the dollar and denting the non-yielding bullion
* Therefore, we expect gold prices to remain weak towards | 46150 level in the short-term
Energy Outlook
* Crude oil prices started Friday’s trade on a strong note opening higher and rose further during the first half of the session till a high of | 5211. However, prices did not sustain at higher levels and fell gradually in the remaining session till a low of | 5041
* Prices remained subdued in the last few sessions as rising Coronavirus cases in top consumers US and China raised near term demand concerns
* Overall, we expect crude prices to consolidate in the range of | 5000-5200 levels in the short-term
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