We expect crude prices to trade within the range of Rs. 5300-5450 levels in the short-term - ICICI Direct
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Bullion Outlook
* Gold prices opened lower with a gap on Thursday and rose strongly during the first half of the session till a high of | 48290. However, prices did not sustain at higher levels and corrected sharply in the remaining session till a low of | 47601
* Prices corrected in the last session as US Federal Reserve minutes from the June meeting showed “various participants” felt conditions for reducing the central bank’s asset purchases would be “met somewhat earlier than they had anticipated”
* Overall, we expect gold prices to consolidate in the range of | 47500-48300 in the short-term.
Energy Outlook
* Crude oil prices started Thursday’s trade on a flat note and fell further during the first half of the session till a low of | 5293. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 5450
* Prices have taken support in the last session as US crude and gasoline stocks fell and gasoline demand reached its highest since 2019, signalling increasing strength in the US economy
* Overall, we expect crude prices to trade within the range of | 5300-5450 levels in the short-term.
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