MUMBAI: India gold futures are likely to open steady on Friday morning as the firm cues from overseas markets are likely to be offset by a strong rupee back home.
* The most-active gold for October delivery on the Multi Commodity Exchange (MCX) last closed 2.03 per cent lower at 25,673 rupees per 10 grams, falling from Wednesday's record of 26,457 rupees.
* The Indian rupee gained after eight back-to-back sessions of fall in tandem with a rebound in global equities and the euro. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
* Overseas spot gold returned to positive territory after falling as much as 1 per cent earlier in the day, as investors worried about global economic growth continued to buy gold for its safe haven status.
COPPER
Copper futures are likely to open a tad higher, extending previous session's gains, following overseas markets, analysts said.
* The most-active copper for August delivery on the MCX last closed 2.4 per cent higher at 401.30 rupees per kg.
* London copper rose, boosted by an overnight rebound in US and European equities, and better-than-expected US jobless claims data.
