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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.
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.
