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India gold seen hitting another record

India gold futures are likely to extend gains, to hit another record high, following a firm trend in overseas markets where sovereign debt problems in the US and Europe stoked investor interest in the yellow metal, analysts said.

April 19, 2011 / 12:34 PM IST

India gold futures are likely to extend gains, to hit another record high, following a firm trend in overseas markets where sovereign debt problems in the US and Europe stoked investor interest in the yellow metal, analysts said.


The most-active gold for June delivery on the Multi Commodity Exchange (MCX) closed 1.2% higher at Rs 21,835 per 10 grams, after hitting a record of Rs 21,857, in the last session.


Overseas spot gold gained 0.8% to USD 1,493.29 an ounce, off the record high of USD 1,497.20 hit in the previous session.


Buying could be done in gold at Rs 21,740/21,750, targeting Rs 21,950, said Abhishek Chauhan, senior analyst with Angel Commodities.



Copper:


India copper futures are likely to ease a tad, extending the previous session's losses, following overseas markets, analysts said.


The most-active copper for April delivery on the MCX closed 0.7% lower at Rs 414.10 per kg in the previous session.


Three-month London copper was trading 0.29% lower at USD 9,243 a tonne at 8:47 am.

"We suggest to go short at Rs 416-417, for a target of 410," said Chauhan.

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