India gold seen extending gains - Emirates24|7

India gold seen extending gains

Gold futures in India on Monday are likely to extend previous session's gains tracking the rise in overseas markets and a steady rupee, analysts said.
 
In the previous session, the most-active gold for February delivery on the Multi Commodity Exchange (MCX) closed up 0.15 percent higher at 27,490 rupees per 10 grams.
 
At 0346 GMT, Comex gold for February delivery was up 0.26 percent higher at $1,668.4 an ounce.
 
The rupee, which opened steady, plays an important role in determining the landed cost of dollar-quoted yellow metal.
 
COPPER
 
Copper futures are likely to open up on Monday following overseas markets, analysts said.
 
The most-active copper for February delivery on the MCX last closed up at 418.1 rupees per kg.
 
London copper futures rose marginally in slow trading in Asia on Monday with many markets, including China, shut for the Lunar New Year break and the rest cautiously eyeing Greece's next steps to avoid a debt default.
 
A weakness in rupee could limit the downside in prices.

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