Gold prices started Wednesday’s trade on a strong note opening higher - ICICI Direct
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Bullion Outlook
* Gold prices started Wednesday’s trade on a strong note opening higher and rose further during the first half of the session till a high of | 48374. However, prices did not sustain at higher levels and corrected gradually during the remaining session till a low of | 47822
* Overall, prices remained supported in the last few sessions as investors weighed a weaker dollar and the prospects of more US stimulus amid rising inflation expectations
* Hence, we expect gold prices to remain positive towards | 48500 level in the short-term
Energy Outlook
* Crude oil prices opened flat on Wednesday and rose gradually during most of the session till a fresh one-year high of | 4293
* Prices have been rallying gradually in the last two weeks underpinned by Covid-19 vaccine breakthroughs and Saudi Arabia’s pledge to deepen production cuts. However, some concerns that higher prices will attract renewed supplies to the market, curbing further rallies
* Therefore, we expect crude prices to consolidate in the range of | 4200-4300 levels in the short-term
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