MCX crude oil prices rose by 0.14% taking cues from international prices - ICICI Direct
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Bullion Outlook
•MCX gold prices rose 1.63% taking cues from international gold prices. In the early trading session, prices corrected till a low of | 45705. However, prices failed to sustain at lower levels and rallied sharply in remaining session till a high of | 46687
• Gold prices are expected to correct today on the back of a strong dollar. Further, investors will take cues from core PCE price index data. Market participant fears that elevated inflation may push the Fed to start tapering stimulus sooner to reduce inflation pressure despite a slack in the labour market
Energy Outlook
• MCX crude oil prices rose by 0.14% taking cues from international prices. Prices opened lower with a gap and made a low of | 5432. However, prices did not sustain at lower levels and recovered in the remaining session till a high of | 5648
• Crude oil prices are expected to trade with a negative bias on news that Opec+ may consider adding more oil into the market when it meets next week. Further, oil may slip on a strong dollar, risk off mood globally and rise in crude oil stockpiles
• Therefore, we expect crude prices to correct towards | 5450 level for the day
• Hence, we expect gold prices to trade in the range of | 46200-46700 levels for the day
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