MUMBAI: India's gold futures are expected to open lower due to profit-taking on Wednesday after striking a record high in the previous session,
analysts said.
However, gold is expected to continue its uptrend as investors would take refuge in the safe haven metal due to deepening economic woes and will also find support from a weak rupee, they added.
"There might be slight profit-taking, but the overall positive trend is intact," said Subodh Gupta, an analyst with Anand Rathi Commodities in Mumbai.
On Monday the benchmark April gold closed more than 5 percent higher at 15,491 rupees per 10 grams, after hitting an all-time high of 15,563 rupees.
"If gold remains flat for the day, another buying opportunity would be at 15,450, with a target of 16,000 and with a stop loss of 15,370," said Amrut Deshmukh, a senior technical analyst with Way 2 Wealth Securities.
It may open at around 15,197 rupees per 10 grams. Gold may trade in the range of 15,000-15,600 rupees for the day, added Anand Rathi's Gupta.
COPPER : India copper futures are expected to open flat to higher on a weaker rupee, an analyst said.
"The view for the day is on the downside on continuing weak economic data from the U.S.," said Vishal Maniyar, an analyst with Karvy Comtrade in Hyderabad.
The benchmark February contract on the Multi Commodity Exchange (MCX) ended 2.6 percent lower at 157.65 rupees per kg. It may open at 158 rupees per kg and may trade in the range of 155.2-161.7 rupees for the day, said the analyst.
February zinc ended flat at 54.55 rupees per kg, while lead for February closed steady at 55.40 rupees per kg.
