| "Gold will consolidate around $653-$675 a ounce awaiting fresh triggers from crude oil rates or dollar movement. This phenomena will also reflect in movement in Indian prices," Gnanshekhar Thiagarajan, director of Commtrendz Research, said. |
| He expects overseas spot gold to find resistance at $675 a ounce and support at $653 a ounce. |
| Analysts said gold prices will consolidate around $650-$670 on hopes of a strong trigger. |
| At 1751 IST overseas spot gold was $665.90 per ounce, down $0.81. |
| "Hedge funds are keen to offload some of their positions built during last week's firm rally in gold prices, but new buyers start purchasing as soon as prices drop even marginally, which keeps gold well supported," another analyst said. |
| "After this uncertain phase gets over, gold is again set for another strong rally as undertone in yellow precious metal remains bullish because of weak dollar and rising crude prices," the analysts added. |
| In the local futures market, Multi Commodity Exchange July is likely to move in the wide range of Rs 9,000-9,900 per 10 gm. |
| On Wednesday, the contract closed at Rs 9,806 per 10 gm, down Rs 4. |
| Silver prices are seen only slightly down on profit sales as firm copper prices will keep the metal well supported. |
| "I feel overseas spot silver will find support at $13.05 per ounce and then at $13 per ounce as firm copper prices will keep the white precious metal well supported," Thiagarajan said. |
| At 1752 IST, overseas spot silver was $13.67 per ounce, down $0.12. |
| Analysts said rising copper prices in international markets due to falling supplies and steady Chinese demand will support silver since silver, like copper, has vast industrial usages. |
| In the local futures markets, MCX July silver is seen finding good support at Rs 20,500 a kg. |
| On Wednesday, the contract closed at Rs 21,112 a kg, down Rs 468 from the previous close. |
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