Prices corrected slightly in the last session - ICICI Direct
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Bullion Outlook
• Gold prices opened flat on Tuesday and fell gradually during the first half of the session till a low of | 46620. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 47320
• Prices rose strongly in the last session as a slower-thanexpected rise in US inflation could reinforce the view that the Fed may go slow on unwinding economic support measures and keep interest rates low. Lower interest rates reduce the opportunity cost of holding non-yielding bullion
• Therefore, we expect gold prices to trade positive towards | 47600 level for the day
Energy Outlook
• Crude oil prices started Tuesday’s trade on a positive note opening strongly higher and corrected gradually during most of the session till a low of | 5151
• Prices corrected slightly in the last session as the impact of a second major storm Nicholas in the Gulf of Mexico eased and China's plans to sell crude from its strategic reserves dampened price gains
• Hence, we expect crude prices to remain subdued in the range of | 5140-5240 levels for the day
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