MUMBAI: India gold futures are likely to open steady on Tuesday as a strong rupee is seen offsetting firmness in the overseas market, analysts said.
The most-active gold for October delivery on the Multi Commodity Exchange last closed 3.26 per cent lower at 26,738 rupees per 10 grams.
International gold regained strength on Tuesday as bargain hunting resurfaced after prices dropped more than 2 per cent in the previous session, but higher equities and easing worries about recession in the United States could limit gains.
The rupee plays an important role in determining the landed cost of the yellow metal and copper, which are quoted in dollars.
Copper:
Copper futures on MCX are likely to open steady on Tuesday as a firm rupee is seen outweighing a rise in the London market, analysts said.
The most-traded copper for November delivery last closed down 0.38 per cent at 419.9 rupees per kg.
London copper edged higher on Tuesday, supported by encouraging US consumer data and a bank merger in Greece that offered investors some good news from the euro zone.
