Gold prices started Friday’s trade on a positive note opening slightly higher - ICICI Direct
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Bullion Outlook
* Gold prices started Friday’s trade on a positive note opening slightly higher and rose further during most of the session till a high of | 46996
* Prices recovered strongly in the last few sessions underpinned by fears over rising Covid-19 cases along with softened concerns about the Fed’s urgency to pull back on monetary stimulus
* Therefore, we expect gold prices to remain positive towards | 47300 level in the short-term
Energy Outlook
* Crude oil prices opened lower with a gap on Friday and recovered strongly during the first half of the session till a high of | 5143. However, prices did not sustain at higher levels and fell gradually in the remaining session till a low of | 5063
* Prices remained subdued in the last few sessions as the fastspreading delta virus variant continued to cloud the demand outlook
* Hence, we expect crude prices to remain negative towards | 5000 level in the short-term
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