Gold prices opened slightly lower with a gap on Thursday - ICICI Direct
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Bullion Outlook
* Gold prices opened slightly lower with a gap on Thursday and recovered gradually during the first half of the session till a high of | 48100. However, prices did not sustain at higher levels and corrected sharply in the remaining session till a low of | 47456
* Prices fell sharply in the last session as weaker US inflation data diminished bullion's appeal although a softer dollar and lower treasury yields kept losses in check
* Overall, we expect gold prices to consolidate in the range of | 47300-48100 levels in the short-term
Energy Outlook
* Crude oil prices started Thursday’s trade on a weak note opening lower with a gap and consolidated during most of the session in the range of | 4235-4270 levels
* Prices have corrected in the last session as continuous struggle caused by emerging variants of the virus and doubts about the efficacy of vaccines dampened sentiments
* Therefore, we expect crude prices to correct further towards | 4180 level in the short-term
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