Gold prices started Wednesday’s trade on a strong note opening slightly higher - ICICI Direct
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Bullion Outlook
* Gold prices started Wednesday’s trade on a strong note opening slightly higher and rose further during most of the session till a high of | 46446
* Prices rebounded slightly in the last session as concerns over the rapid spread of the Delta Coronavirus variant spurred some safe haven buying along with soft US inflation data eased the fears of early tapering by the US Federal Reserve
* Therefore, we expect gold prices to recover further towards | 46600 level in the short-term
Energy Outlook
* Crude oil prices opened sharply lower with a gap on Wednesday and fell further during the first half of the session till a low of | 4966. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 5158.
* Prices have taken strong support in the last few sessions with investors optimistic global economic growth will continue even in the wake of Covid-19’s resurgence
* Overall, we expect crude prices to consolidate in the range of | 5000-5200 levels in the short term
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