Prices rose strongly in the last few sessions with fuel demand growing and crude stocks - ICICI Direct
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Bullion Outlook
• Gold prices started Thursday’s trade on a weak note opening sharply lower with a gap and fell further during most of the session till a low of | 45940
• Prices fell sharply in the last session after the US Federal Reserve signalled easing its monthly bond purchases by next year and a sooner-than-expected interest rate hike, which could increase the opportunity cost of holding the non-yielding bullion
• Therefore, we expect gold prices to remain subdued towards | 45600 level for the day
Energy Outlook
• Crude oil prices opened higher with a gap on Thursday and corrected gradually during the first half of the session till a low of | 5291. However, prices did not sustain at lower levels and rallied strongly in the remaining session till a high of | 5434
• Prices rose strongly in the last few sessions with fuel demand growing and crude stocks declining as production remains hampered in the US Gulf of Mexico after two hurricanes
• Hence, we expect crude prices to remain positive towards | 5500 level for the day
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