Expect Gold, Silver prices to trade sideways: Angel

Angel Commodities' report on bullion

Bullion

Gold

Spot gold prices declined by 0.63 percent and closed at $1274.7/oz buyers cashed in gains after the metal posted its biggest monthly rise in three years in January.

Gold attracted safe-haven buyers after data showed that U.S. factory activity had cooled in January, suggesting the economy may have entered the New Year on a slightly softer footing than expected.

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Markets are closely watching the new Greek government's attempts to persuade its skeptical euro zone partners to accept a new debt agreement. Britain's finance minister, George Osborne, said on Monday the stand-off over Greek debt was becoming the biggest risk to the global economy.

On the MCX, gold prices declined by 0.2 percent and closed at Rs.27840/10gms.

Silver

Spot silver prices declined by 0.1 percent and closed at $17.2/oz in tandem with fall in gold prices. Weakness in copper prices dragged silver prices further.

On the MCX, silver prices declined by 0.26 percent and closed at Rs.38005/kg.

Outlook

On an intraday basis, we expect gold and silver prices to trade sideways as uncertainty in Greece with regards to its policies and its persuasion to euro-zone partners to accept new debt agreement will be keenly watched. On the other hand, the economic data released from the US shows factory activity cooled in January which might be a positive factor for prices.

On the MCX, gold and silver prices are expected to trade sideways taking cues from weak international markets.

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