Golden Investment Research Private Limited
Date: 25.01.2012
Goldennifty analyzing team said: India MCX gold futures are likely to open down on Tuesday morning as a stronger rupee is likely to outweigh gains in overseas share market tips.
The most-active gold for February delivery on the Multi Commodity Exchange last ended 0.07 percent higher at 27,510 rupees per 10 grams.
Spot MCX gold prices were steady in early trade, near a 6-week high, as firm Tokyo futures and a pick up in demand in India helped it defy pressure from the euro.
The rupee, which rose in early trade on Tuesday to hit a 10-week high, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
MCX Copper futures are likely to open down, paring gains of the previous session, following a decline in overseas markets and firmness in the rupee.
The most-active copper for February delivery on the MCX ended 0.72 percent higher at 421.15 rupees per kg.
London copper futures edged lower on Tuesday in Asia where a firmer dollar and limited trading interest restrained the metal from stretching a rally in the previous session spurred by hopes of brisk Chinese demand.
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