Gold prices trading higher - ICICI Bank : Treasury Research

Global crude oil prices are trading little changed compared to yesterday's close. Broad based strength in the Dollar coupled with concerns of slowing growth in China, have kept oil prices under pressure for the last 3 sessions. However, downside has been limited on the back of supply related concerns amidst rising tensions in the Middle East. The front-month WTI future is currently trading at USD 95.5/bbl compared to yesterday's close of USD 95.2/bbl while Brent is trading at USD 102.6/bbl, compared to yesterday's close of USD 102.1/bbl (17:30 IST).

Gold prices are trading higher, having pared some of the previous session's losses on the back of value-buying after prices fell to the lowest since September 2010 yesterday. However, continued strength in the greenback, coupled with persisting concerns over the tapering of the Fed's bond-buying programme is likely to limit the upside. Spot gold is currently trading at USD 1296.3/oz compared to prior close of USD 1284.9/oz (17:30 IST).

Source : Equity Bulls

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