Prices rallied further in the last session as the market tightens amid a global energy crunch - ICICI Direct
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Bullion Outlook
• Gold prices opened slightly lower on Friday and prices fell gradually for first half of the session till low of ₹ 45787. However, prices did not sustain at lower levels and recovered for the remaining session till high of ₹ 46093.
• Prices rebounded in the last session supported by a softer dollar and as concerns over the fate of China’s Evergrande returned to the fore, burnishing bullion’s safe-haven status.
• Hence, we expect Gold prices to consolidate in the range of ₹ 45800-46100 levels for the day.
Energy Outlook
• Crude oil prices started Friday’s trade on a flat note and prices rose gradually for most of the session till high of ₹ 5486.
• Prices rallied further in the last session as the market tightens amid a global energy crunch that’s set to increase demand for crude in the near term.
• Therefore, we expect Crude prices to remain positive towards ₹ 5520 level for the day.
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