Gold prices started Friday`s trade on flat note and fell further during most of the session - ICICI Direct
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Bullion Outlook
* Gold prices started Friday’s trade on flat note and fell further during most of the session till a low of | 47500. Then they recovered and ended with a loss of 100 points
* Prices have been correcting gradually in the last few sessions as a stronger dollar and a rebound in US Treasury yields contended with the metal’s safe-haven status amid worries on a pandemic resurgence
* Therefore, we expect gold prices to consolidate in the range of | 47200-48200 levels in the short-term.
Energy Outlook
* Crude oil prices opened slightly higher on Friday and corrected gradually during the first half of the session till a low of | 5327. However, prices did not sustain at lower levels and rallied in the last one hour session to a high of | 5377
* Crude fell as much as $6 on Monday but recovered all losses as market participants expect overall crude demand to stay strong driven by the continuous fall in oil stocks and increasing rates of vaccinations
* Overall, we expect crude prices to consolidate in the range of | 5200-5400 levels in the short-term
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