India gold seen easing from near record

The most-active June gold contract on MCX closed at Rs 18,229 per 10 grams, up 1.9%, after hitting an intra-day high of Rs 18,278, nearing the previous record of 18,294 struck on Dec. 3.

The contract gained 1.7% in the previous session.

The contract may open at Rs 18,220, said Murukesh Kumar, an analyst with JRG Wealth Management.

"There could be profit-taking initially in gold till 18,050, but fundamentals are still strong," said Kunal Shah of Nirmal Bang Commodities.

Gold may trade in the range of 18,050-18,300, said JRS's Kumar.

Copper

India copper futures may trade a tad higher in early trade on Thursday tracking overseas markets, where firm equity markets supported the red metal, analysts said.

The most-active June copper on the Multi Commodity Exchange (MCX) last closed at Rs 317.35 per kg, down 0.3%.

The contract may open at Rs 318, said Kunal Shah of Nirmal Bang.

Three-month London copper was trading 0.47 % higher at USD 7,048 a tonne at 8:46 a.m.

"Buying on declines is recommended in copper, buying could be done at 315, targeting 321.50, maintaining a stop loss of Rs 312," said Shah.

However, analysts said lingering concerns on Euro debt problem and worries about overheating of Chinese economy may cap the upside.