Bullion counter can trade in range of 28000-28500. Precious metals prices will be dominated by events out of Europe next week.
Precious metals, along with most other markets, were caught in a “Greece fire” on Friday as a deal struck to get the country its second bailout appears to have been scuttled by last minute demands from European leaders.
Crude oil along with base metals can slump lower on selling pressure while Natural Gas can get support from news of production cuts.
Crude oil can trade in range of 4850-4950 in near term. The lack of a plan for Greece also delays any recovery in that region, which could ultimately weigh on the global economy.
Euro zone finance ministers have withheld approval for Greece's latest bailout, demanding proof the country's political leaders would deliver on their commitments to international creditors.
Worries the Greek government could fail to approve new budget-cutting measures and send the country into a default sent growth-sensitive assets lower.
Courtesy: SMC Global
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