Gold prices trading lower on Monday as profit booking sets in - ICICI Bank : Treasury Research

WTI future is trading higher today, extending Friday's gains. A lower than expected new home sales data print released on Friday pared speculations of an early reduction in Fed's asset purchase program and supported the oil prices. However, Brent is trading lower today on profit booking following substantial gains on Friday. Further, reopening of Libya's Brega port eased concerns of supply disruption and weighed on the prices. Going ahead, markets will closely watch American Petroleum Institute's inventory report due later tomorrow for further cues. The front-month WTI future is currently trading at USD 106.64/bbl, compared to prior close of USD 106.42/bbl. Brent is trading at USD 110.87/bbl, compared to prior close of USD 111.04/bbl. (17:15 IST)

Gold prices are trading lower today on profit booking following substantial gains on Friday post the release of US economic data prints. Spot gold traded above USD 1400/oz on Friday post the significant plunge in new home sales data. Meanwhile, holdings in SPDR Gold Trust increased to 920.13 tonnes from 913.52 tonnes on Friday, which aided the outlook on metal demand and provided support to prices. Spot gold is currently trading at USD 1394.5/oz, as compared Friday's close of USD 1397.7/oz. (17:15 IST)

Source : Equity Bulls

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