Gold prices started Thursday’s trade on a flat note and fell gradually during most of the session - ICICI Direct
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Bullion Outlook
* Gold prices started Thursday’s trade on a flat note and fell gradually during most of the session till a low of | 47503
* Prices came under pressure in the last few sessions after hawkish comments from a key Federal Reserve official raised early tapering bets
* Hence, we expect gold prices to remain weak towards | 47400 level in the short-term
Energy Outlook
* Crude oil prices opened flat on Thursday and fell gradually during the first few hours of the session till a low of | 5026. However, prices did not sustain at lower levels and recovered in the remaining session till a high of | 5147
* Prices have taken support in the last session as growing tensions in the Middle East appeared to have stalled the nuclear talks between Iran and Western powers that would ease sanctions on Tehran's oil exports
* Overall, we expect crude prices to consolidate in the range of | 5000-5150 levels in the short-term.
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