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Bullion Outlook

•MCX gold prices declined 0.41% taking cues from international gold prices. Prices rose gradually in the early trading session till a high of |46172. However, prices failed to sustain at higher levels and declined for the remaining session till a low of | 45732

• Gold prices are expected to decline further on the back of a rise in the dollar and on growing confidence that the US Fed would soon begin tapering stimulus measures. Also, Senate Democratic Leader Chuck Schumer said Senate would vote to fund the government and avert a partial government shutdown

• Hence, we expect gold prices to trade in the range of | 45600- 46100 levels for the day

Energy Outlook

• MCX crude oil prices fell 0.23% taking cues from International prices. Prices opened lower with a gap and made a low of | 5474. However, prices did not sustain at lower levels and recovered in the remaining session till a high of | 5639

• Crude oil prices are expected to continue their negative bias amid stronger dollar and rise in crude oil stockpiles. Further, Opec+ is likely to stick to an existing deal to add 400,000 bpd to its output for November

• Therefore, we expect crude prices to correct towards | 5460 level for the day

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