Gold prices opened strongly higher on Friday - ICICI Direct
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Bullion Outlook
Gold prices opened strongly higher on Friday and corrected sharply during the first half of the session till a low of | 46820. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 47582
Prices reversed losses in the last session as benchmark US Treasury yields and the dollar weakened after Mr Powell’s dovish statement
Therefore, we expect gold prices to remain positive towards | 47900 level for the day
Energy Outlook
Crude oil prices started Friday’s trade on a positive note opening slightly higher and consolidated during most of the session in the range of | 5040-5100 levels
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 for the day
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