MUMBAI: Gold futures are likley to open a tad higher on Wednesday morning, recovering from previous session's losses to hit another record high, following firm overseas markets, analysts said. The most-active gold for August delivery on the Multi Commodity Exchange (MCX) closed 0.81 percent lower at 23,040 rupees per 10 grams, after hitting a record of 23,320 rupees. Spot gold was up at $1,590.09 an ounce, off a record high of $1,609.51 set in the previous session. A firm rupee, which makes the dollar-quoted yellow metal cheaper, could limit the upside. COPPER Copper futures are likely to open a tad lower, retreating from their highest level in more than three months, following weak overseas markets and a stronger rupee back home, analysts said. The most-active copper for August delivery on the MCX closed 1.2 percent higher at Rs 440.45, after hitting an intra-day high of Rs 442.75, the level last seen in early April. London copper futures edged lower, after touching three-month highs in the previous session spurred by strong U.S. housing data and progress towards reducing U.S. deficit aimed at averting a default.

Source