Gold to trade sideways with downside bias, says Angel Commodities

MUMBAI: In Friday's session Angel Commodities expects precious metals to trade sideways with a bearish bias on the back of weak global market sentiments along with strength in the dollar index. In the domestic market, however, a depreciation in the Indian rupee might cushion a sharp fall in MCX prices, the brokerage said.

Spot gold prices increased 1 percent on Thursday taking cues from weakness in the US Dollar Index (DX). However, further upside in the prices was capped on account of weak global market sentiments along with re-emergence of Euro Zone debt crisis.

The yellow metal touched an intraday high of $1,674.8/oz and settled at $1,670/oz in yesterday's session. In the domestic markets gold prices settled 1.6 percent higher taking cues from the spot prices and closed at Rs.30,803/10gms after touching a historical high of Rs.30,840/10gms on Thursday, Angel said.