Moneycontrol
Jun 26, 2015 11:13 AM IST | Source: Moneycontrol.com

Expect gold, silver prices to trade sideways: Angel

According to Angel Commodities, gold and silver prices are expected to trade sideways taking cues from international markets.

Expect gold, silver prices to trade sideways: Angel

Angel Commodities' report on bullion


Bullion


Gold


Spot gold prices declined by 0.17 percent on Thursday to close at $1172.8/oz as markets awaited further news on Greece's negotiations with its creditors, while caution over the metal's longer-term outlook weighed on interest.


Gold has held largely between $1,160 and $1,230 since mid-March, struggling to break higher despite an ostensibly bullish rise in tensions over Greece.


On the MCX, gold prices traded lower by 0.18 percent to close at Rs.26485/10 gms.


Silver


Spot silver prices declined by 0.6 percent on Thursday to close at $15.8/oz. The fall is in tandem with declining gold prices coupled with profit booking at higher levels.


On the MCX, silver prices declined by 0.27 percent to close at Rs.36608/kg.


Outlook


Greece’s negotiation with its creditors has taken the centre stage for the time being and it will continue to bother markets till the deadline (June 30).


Besides, strengthening dollar will exert downside pressure on prices.


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


For all commodities report, click here


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