Gold prices started Tuesday’s trade on a positive note opening slightly higher - ICICI Direct
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Bullion Outlook
Gold prices started Tuesday’s trade on a positive note opening slightly higher and corrected gradually during the first half of the session till a low of 46776. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 47165
Prices reversed losses in the last session supported by a weaker dollar and a fall in US Treasury yields, as investors awaited August US non-farm payrolls data due later this week
Hence, we expect gold prices to remain positive towards | 47550 level for the day
Energy Outlook
Crude oil prices opened slightly lower on Tuesday and fell further during most of the session till a low of | 4983
Prices remained subdued in the last few sessions as offshore explorers assess damage from Hurricane Ida and investors shifted focus to an Opec+ meeting that could see more supply added to the market
Therefore, we expect crude prices to remain negative towards | 4950 level for the day
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