India gold may ease from record highs

India gold futures may ease from their record highs weighed by a rebound in dollar.

India gold futures may ease from their record highs weighed by a rebound in dollar,dimming the yellow metal8217;s appeal as an alternative investment,analysts said.

The benchmark December gold on the Multi Commodity Exchange MCX closed 0.04 per cent higher at 16,767 rupees per 10 grams,after hitting a fresh record high of 16,884 rupees on Thursday.

December gold is likely to open at 16,750 rupees per 10 grams,said Abhishek Chauhan,an analyst with Angel Commodities.

8220;Gold is looking down due to a stronger dollar,16,800 could be a good selling level with a target of 16,650 rupees,8221; said Chauhan.

The US dollar clung to gains in Asia,following a broad rally in technical trading after the number of US workers filing new claims for jobless insurance fell to the lowest level since January.

8220;This bias is on the downside,gold may move in the range of 16,720-16,850 rupees,8221; Murukesh Kumar,senior analyst with JRG Wealth.

India8217;s copper futures may open slightly higher helped by a weak rupee and overseas leads,while rising stocks in the London Metal Exchange could keep the upside limited,analysts said.

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The most-traded November contract on the Multi Commodity Exchange of India MCX ended 0.14 per cent lower at 304.15 rupees per kg in the previous session.

November copper may open at 305 rupees,said Aurobinda Prasad,deputy manager-research,Karvy Comtrade.

8220;There could be an initial pullback with a higher correction,range seen is 301-306,8221; said Prasad.

The rupee weakened on Friday,tracking the dollar8217;s gains against major units and mixed regional stocks offering little direction.

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Three-month London copper was 0.49 per cent higher at 6,529 a tonne at 8:53 pm.

LME copper stocks climbed for the eighth straight session on Thursday,rising 4,800 tonnes to 402,125 tonnes,the highest since late April,adding to worries about demand.

November zinc contract closed 0.6 per cent lower at 100.25 rupees per kg,while lead for November delivery ended 1.3 per cent lower at 105.00 rupees per kg in the previous session.