Gold seen higher, copper lower on global cues.

MUMBAI: India copper futures are seen trading in a narrow range with negative bias on Thursday on profit-taking and tracking international cues, analysts said. The most-active August copper on the Multi Commodity Exchange (MCX) last ended at 335.40 rupees per kg, up 1.21 percent. August copper may find resistance at 337/339 rupees levels and support at 330.5/328.3/326.5 rupees levels, according to Anand James, analyst at Geojit Comtrade Ltd.

International copper prices edged lower on Thursday, after unexpectedly weak US durable goods data and the Federal Reserve's downbeat view on the economy dampened market sentiment.

GOLD: India gold futures are seen trading higher on Thursday tracking a firm overseas markets and signs of demand recovery in the domestic market, analysts said. The most-active August gold contract on MCX last closed at 17,772 rupees per 10 grams, up 0.10 percent.

"Gold will open higher...tracking international markets," said Chowda Reddy, a senior analyst with JRG Wealth Management, a Kochi-based brokerage. International gold rebounded on Thursday as the US dollar weakened against other currencies but gains are seen limited after holdings in the world's largest gold-backed ETF dropped to their weakest since early June.

India gold hit its lowest level in 10 weeks on Wednesday, spurring physical buying as traders sought to stock up for upcoming festivals, on track for a recovery in imports for the first time in three months, dealers and industry officials say.

Source : economictimes.indiatimes.com