Prices bounced slightly on Monday as concerns about property group - ICICI Direct
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Bullion Outlook
• Gold prices opened flat on Monday and rose gradually during most of the session till a high of | 46375
• Prices bounced slightly on Monday as concerns about property group China Evergrande’s solvency drove world shares lower, stoking risk aversion, while traders awaited the outcome of this week’s US Federal Reserve policy meeting
• Overall, we expect gold prices to consolidate in the range of | 45800-46400 levels for the day
Energy Outlook
• Crude oil prices started Monday’s trade on a weak note opening slightly lower and fell further during most of the session till a low of | 5161
• Prices corrected further in the last session after the US dollar jumped to a three-week high and the US rig count rose, although nearly a quarter of US Gulf of Mexico output remained offline in the wake of two hurricanes
.• Overall, we expect crude prices to remain subdued in the range of | 5150-5250 levels for the day
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