MCX gold prices fell 0.05% taking cues from international gold prices - ICICI Direct
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Bullion Outlook
•MCX gold prices fell 0.05% taking cues from international gold prices. In the early trading session gold prices corrected till a low of | 46282. However, prices failed to sustain at lower levels and rallied in the remaining session till a high of | 46678
• Gold prices are expected to trade with a positive bias on the back of weakness in dollar. Further, demand for safe haven may increase as looming debt crisis has hit property giant China Evergrande Group and concern over debt ceiling issue in the US
• Hence, we expect gold prices to trade in the range of | 46300- 46800 levels during the day
Energy Outlook
• MCX crude oil prices rose 1.06% taking cues from international prices. In the early trading session oil prices corrected till low of | 5509. However, prices did not sustain at lower levels and recovered in the remaining session till a high of | 5633
• Crude oil prices are expected to trade with a negative bias on news that Opec+ may consider adding more oil into market when it meets. However, a sharp fall may be cushioned on weakness in dollar and as surge in gas prices globally may prompt power producers to switch fuels
• Therefore, we expect crude prices to correct towards | 5500 level during the day
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