Gold rise more than 1 . 5 % to a near one -week high on Monday - ICICI Direct
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Bullion Outlook
* Gold prices started Monday’s trade on a strong note opening higher with a gap and rose further during most of the session till a high of | 46966
* Prices bounced strongly in the last session as support from a weaker dollar eclipsed pressure from firmer Treasury yields
* Therefore, we expect gold prices to recover further towards | 47200 level in the short-term
Energy Outlook
* Crude oil prices opened strongly higher with a gap on Monday and rose further during most of the session till a high of | 4457
* Prices rallied strongly in the last session as traders assessed the return of US crude production that was hit by freezing temperatures across Texas last week, against weaker refinery demand as plants impacted by related power outages resume operations
* Overall, we expect crude prices to consolidate in the range of | 4300-4500 levels in the short-term
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