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.
Angel Commodities' report on bullion
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.
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.
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.
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