India Gold Seen Steady; Copper Up On Global Mkt.

MUMBAI: India gold futures are likely to open steady on Wednesday as a strong rupee is seen offsetting firmness in the world market, analysts said.

The most-active gold futures for October delivery on the Multi Commodity Exchange (MCX) closed 1.94 percent higher at 25,731 rupees per 10 grams in the previous session, after hitting a record of 26,198 rupees.

International gold ticked higher on Wednesday, hovering near a lifetime high around $1,778 an ounce struck in the previous session, but further gains could be capped by a rebound in equities after the U.S. Federal Reserve's vow to keep rates near zero.

The Indian rupee snapped a six-day weakening streak on Wednesday as global equities rebounded and the dollar fell after the U.S. Federal Reserve promised to keep rates low for at least two years.

The rupee plays an important role in determining the landed cost of the yellow metal and copper, which are quoted in dollars.

COPPER

Copper futures on MCX are likely to rise due to firmness in the international market after the U.S. Federal Reserve made an unprecedented pledge to keep interest rates near zero for at least two years, analysts said.

The most-active copper for August delivery closed 0.44 percent higher at 397.65 rupees in the previous session.

Three-month copper on the London Metal Exchange rose 1.97 percent to $8,903 a tonne at 9:42 a.m.

Source : economictimes.indiatimes.com