We expect gold prices to consolidate in the range of Rs. 47500-48000 levels - ICICI Direct
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Bullion Outlook
* Gold prices started Wednesday’s trade on a positive note and rose further during most of the session till a high of | 47999
* Prices rose further in the last session as investors took a riskoff turn before the release of Federal Reserve meeting notes that should bring fresh insights on US monetary policy
* Overall, we expect gold prices to consolidate in the range of | 47500-48000 levels in the short-term
Energy Outlook
* Crude oil prices opened slightly lower on Wednesday and rose strongly during the first half of the session till a high of | 5594. However, prices did not sustain at higher levels and corrected sharply in the remaining session till a low of | 5323
* Prices corrected sharply in the last two sessions as the widening fault lines between the two Gulf allies may induce cartel members to pump more unilaterally, risking a free-for-all that could crash prices
* Therefore, we expect crude prices to correct further towards | 5200 level in the short-term
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