India gold futures likely to extend gains to their highest level in more than 2 months

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. – Reuters

Tags: Gold analysis, Gold future prices, Gold futures, Gold investment, Gold news, Gold price, gold price forecast, gold price per gram, Gold prices, India gold, India gold price, price of gold, Spot gold, Spot gold price

Posted by admin on Feb 8 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