Gold Prices trading lower - ICICI Bank : Treasury Research

Global crude oil prices are trading lower, extending losses for the second consecutive session on the back of Dollar strength. Prices also came under pressure following the release of a disappointing HSBC flash manufacturing PMI print for China, the second largest fuel consumer. The front-month WTI future is currently trading at USD 96.91/bbl compared to yesterday's close of USD 97.30/bbl while Brent is trading at USD 104.38/bbl, compared to yesterday's close of USD 106.12/bbl (17:30 IST).

Gold prices are trading lower today, tracking losses in the broad commodity space. Concerns over a possible tapering of the Fed's pace of asset purchases by year end, following yesterday's FOMC policy review kept prices under pressure. Intraday strength in the Dollar also weighed on prices. Spot gold breached the USD 1300/oz threshold in trade today and is currently trading at USD 1307.5/oz compared to prior close of USD 1351.31/oz (17:30 IST).

Source : Equity Bulls

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