We expect gold prices to consolidate in the range of Rs. 44400-45300 levels - ICICI Direct
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Bullion Outlook
* Gold prices started Monday's trade on a tepid note and later corrected gradually during most of the session till a low of | 44630
* Gold, which is priced in dollars, also lost safe-haven flows to the Japanese yen and bonds, with the metal lower despite a fall in US benchmark Treasury yields
* Hence, we expect gold prices to consolidate in the range of | 44400-45300 levels in the short-term
Energy Outlook
* Crude oil prices started Monday’s trade on a weak note and fell further during the first half of the session till a low of | 4396. However, prices did not sustain at lower levels and recovered for the remaining session till high of | 4516
* Oil prices are likely to consolidate at current levels before crossing hurdle of 4500 as renewed lockdown and slow progress of vaccine may hurt demand
* Therefore, we expect crude prices to consolidate in the range of | 4300-4500 level in the short-term
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