Daily Commodities Outlook - October 9, 2020 - ICICI Securities

Bullion Outlook

- Gold prices started Thursday's trade on a flat note and rose gradually in the first half of the session till a high of Rs. 50399. However, prices did not sustain at higher levels and corrected sharply for the remaining session till low of Rs. 49924

- Overall, prices have been consolidating in the range of Rs. 49900- 50900 in the last few sessions as uncertainty surrounding the US presidential elections and scepticism over a new fiscal stimulus to support Americans kept prices in a tight range

- Hence, we expect gold prices to remain in a range of Rs. 49900-50900 levels in the short-term

Energy Outlook

- Crude oil prices opened slightly higher on Thursday and rose further in most of the session till a high of Rs. 3032

- Prices rose strongly in the last few sessions as concerns on output shutdowns ahead of a storm in the Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway supported prices

- Therefore, we believe crude prices would remain positive in the near term and rise towards an immediate hurdle around Rs. 3100

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Source : Equity Bulls

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