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Gold seen hitting record high; copper flat

Gold seen hitting record high; copper flat
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First Published: Thu, Jul 14 2011. 10 09 AM IST
Updated: Thu, Jul 14 2011. 10 09 AM IST
Mumbai: 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 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 $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.
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First Published: Thu, Jul 14 2011. 10 09 AM IST
More Topics: India | Markets | Metals | Rupee | Dollar |