Gold prices started Friday’s trade on a positive note opening higher - ICICI Direct
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Bullion Outlook
* Gold prices started Friday’s trade on a positive note opening higher and corrected gradually during the first half of the session till a low of | 47621. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 47948
* Prices posted a third weekly advance, with the haven metal gaining on anxiety about the spread of Covid-19 variants and prospects of a prolonged dovish monetary policy
* Overall, we expect gold prices to consolidate in the range of | 47500-48300 levels in the short-term
Energy Outlook
* Crude oil prices opened slightly higher with a gap on Friday and rose further during most of the session till a high of | 5575
* Prices rebounded strongly after data showing a slump in US stockpiles and record fuel demand highlighted the recovery in consumption that has underpinned this year’s crude rally
* Therefore, we expect crude prices to remain positive towards | 5700 level in the short-term
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