Prices opened lower with a gap and made a low of 46687 - ICICI Direct
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Bullion Outlook
MCX gold prices fell 0.13% taking cues from international gold prices. Prices opened lower with a gap and made a low of | 46687. However, prices did not sustain at lower levels and recovered in the remaining session till a high of | 46944
Gold prices are expected to trade with a negative bias on rise in US treasury yields and surge in global equities. Market sentiments improved on ease in worries over debt ceiling and Russia’s offer to reduce Europe’s energy crunch. Investors will take cues from non-farm payrolls data, which is likely to show that more number of jobs were added in economy
Hence, we expect gold prices to trade in the range of | 46500- 47000 levels for the day
Energy Outlook
MCX crude oil prices rose by 0.67% taking cues from international prices. Prices opened lower with a gap and made low of | 5607. However, prices did not sustain at lower levels and rose sharply in the remaining session till a low of | 5884
Crude oil prices are expected to trade positive on a rise in risk appetite in global markets. Further, prices may rally on concern over tight supplies as demand recovered more quickly from pandemic. Additionally, investors will take cues from job data from the US
Therefore, we expect crude prices to rally towards | 6000 level during the day
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