| Date: |
09-04-2012 |
| Subject: |
Indian gold seen up on physical demand, firm global prices |
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Indian gold futures are likely to extend gains for a second day on Monday, tracking firm global markets and physical demand at home.
Spot gold rose as much as 1 percent in early Asian trade. It was up 0.6 percent at $1,640.55 an ounce by 0327 GMT. U.S. gold gained 0.8 percent to $1,643.50.
The most-active gold for June delivery on the Multi Commodity Exchange (MCX) ended 0.42 percent higher at 28,197 rupees per 10 grams on Saturday. The contract had struck 27,466 rupees last week, a level last seen on March 16.
Jewellers in India, the world's biggest buyer of gold, ended their three-week strike on Saturday after assurance the federal government would consider scrapping a budget proposal to levy excise duty on unbranded jewellery.
COPPER
Copper futures are likely to open a tad higher on the back of a weaker rupee, analysts said.
The most-active copper for April delivery on the MCX ended 0.21 percent higher on Saturday at 430.90 rupees per kg.
The rupee, which fell early on Monday, plays an important role in determining the landed cost of the dollar-quoted red metal.
Source : economictimes.indiatimes.com
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