We expect gold prices to trade within the range of Rs. 47800-48200 levels - ICICI Direct
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Bullion Outlook
* Gold prices started Tuesday’s trade on a weak note opening slightly lower with a gap and fell further during most of the session till a low of | 47814
* Prices remained subdued in the last few sessions as investors squared positions before US jobs data later this week that could shed more light on labour market health and potentially influence the Federal Reserve’s tapering timeline
* Overall, we expect gold prices to trade within the range of | 47800-48200 levels in the short-term.
Energy Outlook
* Crude oil prices opened flat on Tuesday and fell sharply during most of the session till a low of | 5145
* Prices fell sharply in the last two sessions as concerns over the spread of Delta variant in the US and China, the top oil consumers, weighed on prices
* Hence, we expect crude prices to remain weak towards | 5100 level in the short-term
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