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Gold seen tad higher, copper down

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Reuters Mumbai
Last Updated : Jan 21 2013 | 2:31 AM IST

Gold futures are likely to open a tad higher on Monday following overseas leads and a weaker local currency, analysts said.

The most-traded gold for April delivery on the Multi Commodity Exchange (MCX) last ended flat at Rs 27,982 per 10 grams.

Overseas gold rose further on Monday as gains on the Nikkei helped it offset pressure from a firm US dollar.

The rupee, which fell on Monday morning, plays an important role in determining the landed cost of the dollar-quoted copper and gold.

Copper

Copper futures are likely to open lower on Monday in step with overseas markets, though a weaker rupee could limit the downside in prices, analysts said.

The most-active copper for April delivery on the MCX last ended steady at Rs 426.50 per kg.

London copper edged lower as persistent concerns about sluggish demand in China took the momentum out of a three-day rally.

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First Published: Mar 12 2012 | 9:51 AM IST

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