India gold futures may hit a new record in early trade on Friday supported by a weaker rupee, making the dollar-quoted asset expensive, analysts said.
The benchmark December gold on the Multi Commodity Exchange (MCX) closed 1.6% higher at Rs 17,998 10 grams, after hitting a record high of Rs 18,047.
The contract has risen by 7% since last week.
December gold is likely to open at Rs 18,025 per 10 grams, said Gnanasekar Thiagarajan, director, Commtrendz Research.
The Indian rupee fell weighed down by weak Asian shares following Dubai's debt problems.
Gold may target 18,100/18,120 later today, said Commtrendz's Thiagarajan.
Analysts maintain a bullish bias on the yellow metal on recent weakness in dollar and the central bank's intention to diversify into the yellow metal.
"We still have a bullish view on gold, range expected is 17,900-18,200 rupees," said Aurobinda Prasad, head of research, Karvy Comtrade.
COPPER:
India's copper futures may open slightly higher tracking a weaker rupee, analysts said.
The most-traded November contract on the Multi Commodity Exchange of India (MCX) ended 1.5% lower at Rs 318 per kg.
November copper may open at Rs319, said Kunal Shah of Nirmal Bang Commodities.
"It may get supported in early part of the session by a weaker rupee, but the strategy is to sell on rise. Support is placed at Rs314," said Shah.
November zinc contract closed 0.8% lower at Rs 104.25 per kg, while lead for November delivery ended 1% percent lower at Rs 108.70 per kg in the previous session.
