India gold seen gaining past 2-mnth high

Published on Wed, Feb 08, 2012 at 09:56 |  Source : Reuters

Updated at Thu, Feb 09, 2012 at 11:10  

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India gold seen gaining past 2-mnth high

MUMBAI (Reuters) - India gold futures are likely to extend gains to their highest level in more than two months, following a similar trend overseas, though a stronger rupee could limit the upside in prices, analysts said.

* The most-traded gold for April delivery on the Multi Commodity Exchange (MCX) last ended 1.56 percent higher at 28,373 rupees per 10 grams, after hitting a high of 28,404 rupees, a level last seen on December 14.

* Global gold was trading $1,747.10/$1,747.90 an ounce as against at $1,744.90/1,745.90 at 9:41 a.m., with investors remaining cautious as Greece again delayed making a decision on a bailout package.

* The rupee, which traded stronger, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

COPPER

Copper futures are likely to open a tad higher following global markets, analysts said.

* The most-traded copper for February delivery on the MCX last ended 0.57 percent higher at 421.25 rupees per kg.

* London copper was 0.39 percent higher at $8,538 a tonne.

(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)

  

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