Gold prices started Friday’s trade on a weak note and recovered gradually - ICICI Direct
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Bullion Outlook
* Gold prices started Friday’s trade on a weak note and recovered gradually during the first half of the session till a high of | 46689. However, prices did not sustain at higher levels and fell sharply in the remaining session till a fresh eight month low of | 45611
* Prices have been falling gradually in the last few weeks as brighter economic outlook and inflation fears propped up US Treasury yields, eroding bullion's safe haven status
* Therefore, we expect gold prices to remain weak towards | 45200 level in the short-term
Energy Outlook
* Crude oil prices opened slightly higher on Friday and rose further in the first half of the session till a fresh 1.5 year high of | 4674. However, prices did not sustain at higher levels and corrected gradually in the remaining session till a low of | 4586
* Prices corrected slightly in the last session as US government bond yields held near one-year highs and the dollar rally made the dollar-priced oil more expensive for holders of other currencies
* Hence, we expect crude prices to correct from current levels towards | 4500 in the short term
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