Bullion prices under pressure - ICICI Bank : Treasury Research

Global crude oil prices are trading marginally higher, extending yesterday's gains after the American Petroleum Institute reported a decline in US crude stockpiles by 4.3 mn barrels last week. Markets now await the US Energy Department's report on US crude oil inventories, due later today, for further cues. The front-month WTI future is currently trading at USD 98.80/bbl compared to yesterday's close of USD 98.44/bbl while Brent is trading at USD 106.26/bbl, compared to yesterday's close of USD 106.02/bbl (17:30 IST).

Gold prices are trading marginally higher, albeit holding on to most of yesterday's losses. Bullion prices remained under pressure amidst caution ahead of the US FOMC policy announcement due later today. Further, resumption of a sell-off in the ETF space, with holdings in the SPDR Gold Trust declining to 1001.66 MT yesterday, the lowest since February 2009, also weighed on prices. Spot gold is currently trading at USD 1370/oz compared to prior close of USD 1367.70/oz (17:30 IST).

Source : Equity Bulls

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