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Thursday, 14 July 2011

MCX gold futures seen hitting record high

India gold futures are likely to rise on Thursday morning, extending gains to their record, following a rally overseas, with a stronger rupee expected to cap the upside, analysts said.

* The most-traded gold for August delivery on the Multi Commodity Exchange (MCX) closed 0.98% higher at Rs 22,920 per 10 grams, after hitting an intra-day high of Rs 22,981, very close to the previous April record of Rs 23,148.

* The Indian rupee, which has a bearing on the landed cost both copper and gold, rose tracking gains in the euro and Asian currencies, but slight weakness in local shares limited the rise.

* Overseas gold hit a record high above USD 1,589, buoyed by a sharp drop in the dollar after Moody's warned the US may lose its top credit rating, the possibility of more Federal Reserve stimulus and Europe's deepening debt crisis.


Copper futures are likely to open steady following foreign markets, analysts said.

* The most-traded copper for August delivery on the MCX last closed 0.3% lower at Rs 433 per kg.

* London copper steadied, supported by a retreating dollar and the possibility of more Federal Reserve stimulus, but Moody's warning on US credit rating checked gains.

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