Breaking News

Corona Virus Full Stats

India Stats

11,112,012 Total Cases
157,193 Deaths
10,784,528 Recovered

Global Stats

114,552,811 Total Cases
2,540,282 Deaths
90,051,484 Recovered
Read more
Home » News » Business » India gold, copper seen extending losses on global cues

India gold, copper seen extending losses on global cues

MUMBAI: Indian gold futures are likely to extend the previous session’s losses on Thursday morning, in line with a fall in the world market, which fell to a three month low, analysts said.

The most-active gold for February delivery on the Multi Commodity Exchange (MCX) ended 1.34% lower at 27,281 rupees per 10 grams on Wednesday.

A weak rupee may limit the fall, analysts said. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal and copper. It fell early on Thursday in anticipation of outflows as worries about Europe’s economic health sent the euro tumbling and Asian equities weakened.

International spot gold wallowed near a three-month low on Thursday, remaining under pressure due to a firm dollar, while investors fretted over an important Italian bond auction later in the day.Copper futures are likely to edge lower following a drop in the London market, though a weak rupee is seen limiting the downside, analysts said.

The most-active copper for February delivery on the MCX closed 0.91% lower at 399.55 rupees per kg in the previous session.

London copper fell on Thursday, dropping for a second straight session as a firm dollar weighed, while investors eyed an important Italian bond auction later in the day for further trading cues.

Leave a Reply

Your email address will not be published. Required fields are marked *

*