Gold prices opened slightly lower on Wednesday and prices fell further for most of the session till low of ₹ 47080 - ICICI Direct
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Bullion Outlook
Gold prices opened slightly lower on Wednesday and prices fell further for most of the session till low of ₹ 47080.
Prices came under pressure in the last session as the dollar halted its slide while investors sought cues on the timeline of monetary tapering from the U.S. Federal Reserve’s symposium this week.
Overall, we expect Gold prices to consolidate within the range of ₹ 47000-47500 levels for the day.
Energy Outlook
Crude oil prices started Wednesday’s trade on a weak note by opening slightly lower and prices rose gradually for most of the session till high of ₹ 5072
Prices recovered further in the last session as shrinking U.S. crude and fuel stockpiles, added to positive signs for a market still grappling with the latest Covid-19 resurgence.
Therefore, we expect Crude prices to rise further towards ₹ 5150 level for the day.
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