MUMBAI: India's gold futures are likely to extend the previous session's gains on Friday morning to hit a fresh peak and may rise above 27,500 rupees, following a rally in the world market, analysts said.
* International spot gold surged to record highs on Friday for a second consecutive session as investors reached for the safety of bullion amid a worsening economic outlook for the United States and concern about the health of Europe's banks.
* The most-traded gold for October delivery on the Multi Commodity Exchange (MCX) closed 2.96 percent higher at 27,174 rupees per 10 grams in the previous session. It hit a record peak of 27,214 rupees on Thursday.
* The rupee plays an important role in determining the landed cost of the yellow metal and copper, which are quoted in dollars. The Indian rupee slid to its lowest in over six months on Thursday. India's currency, bond and interbank cash markets will be closed on Friday for a local holiday.
COPPER:
India's copper futures are likely to open steady with a positive bias on Friday morning on marginal gains in the London market, analysts said.
* London copper inched up on Friday, after dropping more than 2 percent in the previous session, while a slew of lacklustre US data and lingering worries about euro zone debts continued to weigh on sentiment.
* The most-active copper for August delivery on MCX last closed 0.63 per cent lower at 401.8 rupees per kg.
