Overall, we expect gold prices to remain positive towards - ICICI Direct
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Bullion Outlook
• Gold prices opened flat on Wednesday and consolidated during most of the session in the range of | 46550-46750 levels
• Prices steadied in the last session as investors braced for the outcome of a US Federal Reserve meeting and on chief Jerome Powell’s remarks on reducing its massive support for the pandemic-hit economy
• Overall, we expect gold prices to remain positive towards | 47000 level for the day
Energy Outlook
• Crude oil prices started Wednesday’s trade on a strong note and rose further during most of the session till a high of | 5343
• Prices rallied strongly in the last session as difficulties of Opec members struggling to raise output along with energy market shortages causing a supply crunch in Europe and Asia have supported the near term oil demand outlook
• Therefore, we expect crude prices to remain positive towards | 5400 level for the day
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