Bullion counters may trade sideways. Gold can trade in range of 27900-28150 while Silver can trade in range of 56000-57000 in MCX.
Gold was steady on Wednesday, after posting its biggest monthly gain since August with an 11-percent rise in the first month of 2012, as concerns over global economic growth lingered.
Greece's grief will continue to weigh on market sentiment, as no concrete progress was made in the debt restructuring negotiations between the Greek government and its private bond holders.
Base metals can remain on mixed note. Copper can trade in range of 415-418 in MCX while Lead may remain in range of 108-111.
China’s manufacturing unexpectedly expanded last month on increased new orders, suggesting the world’s second-biggest economy is withstanding Europe’s debt crisis and a government-induced property slowdown at home.
The purchasing managers’ index rose to 50.5 from 50.3 in December. Home prices have declined in cities from Beijing to Wenzhou as the government cracks down on speculation and implements a program to build low-cost housing.
China’s economy grew 8.9 percent in the final three months of 2011, the least in 10 quarters, as exports rose at a slower pace and property curbs hurt output of products including Steel and cement.
Courtesy: SMC Global
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