Daily Commodities Outlook (September 25) - ICICI Securities

Bullion Outlook

- Gold prices opened slightly lower on Thursday. However, prices did not sustain at lower levels and recovered gradually for most of the session till a high of Rs. 50050

- Prices have taken strong support in the last session as US Federal Reserve officials reaffirmed their low interest monetary policy until the labour market recovers or inflation rises to 2%

- Therefore, we expect gold prices to consolidate near the immediate support of Rs. 49000

Energy Outlook

- Crude oil prices started yesterday's trade on a weak note opening lower with a gap and recovered gradually for most of the session till a high of Rs. 2979

- Prices have been consolidating in a narrow range in the last few sessions as a drop in US crude inventories provided some support. However, global fuel demand concerns continued to cap gains

- Hence, we believe crude prices will remain in the range of Rs. 2900-3000 for the short-term

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Source : Equity Bulls

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