India gold futures likely to edge up on Monday morning

Gold futures are likely to edge up on Monday morning on a decline in the rupee and as the key overseas metals markets were closed, analysts said.

On Saturday, the most-active gold for February delivery on the Multi Commodity Exchange (MCX) ended at 27,329 rupees per 10 grams.

The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal and copper. The Indian rupee weakened early on Monday on concerns the government’s widening fiscal deficit could weigh on stocks and trigger foreign fund outflows.

COPPER

Copper futures are likely to rise on the rupee’s decline, which raises landed cost of the imported metal, analysts said.

The most-active copper for February delivery on the MCX ended at 406 rupees per kg in the previous session. - Reuters

Posted by admin on Jan 2 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry