MUMBAI (Commodity Online): Precious metals in MCX show some short covering after recent fall but prices will remain range bound amid mixed fundamentals.
Gold can trade in range of 31300-31600 while silver can trade in range of 62800-63200 in near term. On a positive note, a top official of the U.S. Federal Reserve said on Monday that the central bank's latest round of Monetary stimulus will help get the U.S. economy back on track and speed the return to full employment. US GDP data is the key event to be watched later this week.
Base metals may also witness some short covering after recent profit booking tracking positive international cues.
Copper can trade in range of 440-446 in MCX while Lead can trade in range of 119.50-122 in MCX. Nickel can move in range of 950-965 in MCX while aluminium may move in range of 109.50-111 in MCX.
Copper prices rebounded on Tuesday, after London copper came off a one week low in the prior session, but gains are expected to be capped by worries over the global economy and on caution ahead of next week's holiday in top metals consumer China.
German business sentiment dropped for a fifth straight month in September, raising fears of recession, as companies struggled with a bleaker economic outlook and the European Central Bank's bond buying plan failed to create much boardroom cheer.