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May 13, 2010, 11.32 AM IST
India gold may ease from their near-record highs on Thursday morning weighed by profit-taking, analysts said
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.
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.
"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.
May 24 2013, 16:42
- in Rupee
May 23 2013, 09:33
- in Technicals