Gold may trade in range of 31,200-31,500:

Outlook on bullions, base metals and energy segments: Bullions: Bullion counter may remain sideways with upside bias on safe haven demand. Euro zone concerns are expected to keep upside capped. Meanwhile Dollar index can move in range of 80-82 levels. On domestic bourses, gold can trade in range of 31,200-31,500 while silver can trade in range of 59,000-60,500 in near term. Some fresh safe-haven demand is surfacing this week, amid concerns about the approaching U.S. fiscal cliff and about the European Union sovereign debt crisis. The fresh safe-haven demand in the gold market Thursday was further evidenced by very strong demand at a U.S. government treasury note auction at midday. Base metals: Base metals counter may remain on mixed path as some short covering can be seen after recent fall. Copper can trade in range of 413-419 in MCX while Lead can trade in range of 120-122 in MCX while Zinc may trade in range of 103-104.5 while Nickel may also trade in range of 865-885 in MCX and Aluminium can also trade in range of 103.50-105. Copper edged higher on Thursday in cautious trade ahead of a leadership transition in top metals consumer China, which may result in fresh economic stimulus measures, while concerns about weak demand and the U.S. economy capped the upside. Metals prices were pressured as the euro fell to a two-month low after the European Central Bank kept interest rates at a record low and said the euro zone economy showed little sign of recovering before the year-end. Energy: Crude oil can trade in range of 4,550-4,650 in near term. Crude oil ended higher on Thursday, recovering from a steep plunge in the previous session, but gains were only modest as trepidation over Europe`s economy and looming negotiations over the U.S. fiscal cliff weighed on the market. After U.S. President Barack Obama won a second term on Tuesday, anticipation is high that Democrats and Republicans will move quickly to avert the $600 billion package of automatic spending cuts and tax increases that could crush the U.S. economic recovery.Natural gas may remain on volatile note in range of 193-198 in MCX. Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.