Gold may steady near record; copper seen up

Gold may steady near record; copper seen up
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First Published: Tue, Jun 08 2010. 09 40 AM IST
Updated: Tue, Jun 08 2010. 09 40 AM IST
Mumbai: Gold futures may steady near their record high on Tuesday, taking a breather after the yellow metal gained about 1% in the last session on safe-haven buying, analysts said.
The most-active August gold contract on MCX last closed at Rs18,961 per 10 grams, up 0.9% after hitting a record high of Rs18,990.
The contract may open at Rs18,930, said Abhishek Chauhan, analyst with Angel Commodities.
“We will remain on the buying side in gold on euro crisis, 18,850 could be a good buying support, and if it breaches 19,000, then 19,200 would be the next level,” said Chauhan.
The yellow metal has gained more than 10% since the start of May as a weaker dollar and euro zone credit crisis heightened appeal of the safe haven metal.
Meanwhile, US Federal Reserve chairman Ben Bernanke said on Monday he was convinced Europe was committed to addressing its debt troubles to keep the European Union together.
Copper
Copper futures may recover partly following firm overseas leads, analysts said.
The most-active June copper on the Multi Commodity Exchange (MCX) last closed at Rs288.20 per kg, down 1.7%.
The contract may open at Rs289, said Aurobinda Prasad, head of research, Karvy Comtrade, adding “maximum pullback could be seen till 292 levels.”
London copper, which guides the domestic markets, crept higher on technical buying after a six-day losing streak that brought the metal to eight-month lows in the previous session.
Copper may trade in the range of Rs284-293, said Angel’s Chauhan.
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First Published: Tue, Jun 08 2010. 09 40 AM IST
More Topics: Gold | India | Copper | Euro zone | Credit crisis |