Prices nudged up in the last session - ICICI Direct
Bullion Outlook
• Gold prices started Monday’s trade on a positive note opening slightly higher and consolidated during most of the session in the range of | 46800-47000 levels
• Prices nudged up in the last session with some support from weaker US bond yields but a resurgent dollar kept the metal on a tight leash as investors awaited US inflation readings
• Hence, we expect gold prices to trade within the range of | 46700-47100 levels for the day
Energy Outlook
• Crude oil prices opened slightly higher on Monday and rose further during most of the session till a high of | 5224
• Prices rose strongly in the last two sessions as investors tracked the slow restoration of supplies in the Gulf of Mexico and the outlook for demand in the fourth quarter
• Therefore, we expect crude prices to remain positive towards | 5250 level for the day
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