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Thursday, April 21, 2011

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India gold, silver seen hitting new peak

MUMBAI (Reuters) - India's gold futures are likely to recover from their previous session's losses on Thursday following a similar trend in overseas markets, although a rising rupee could limit the upside, analysts said.

The most-traded gold for June delivery on the Multi Commodity Exchange (MCX) closed 0.23 percent lower at 21,773 rupees per 10 grams, falling from a record high of 21,893 rupees.

"We can be on the buying side in gold. Gold may trade in the range 21,720-21,900," said Aurobinda Prasad, head of research, Karvy Comtrade.

Bullion overseas powered to a lifetime high for a fifth consecutive session on Thursday on a sharply weaker dollar, while lingering tensions in the Arab World, worries about the euro zone crisis and U.S. fiscal health offered additional support.

The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Silver futures , which struck a new record of 66,664 rupees in the previous session, could also extend gains to hit another peak. The May contract ended at 65,644 rupees per kg, up 1.6 percent on Wednesday.

COPPER:

India copper futures are likely to ease from their highest level in the week, following similar trend overseas, coupled with a strong rupee, analysts said.

The most-active copper for April delivery on the MCX closed 1.4 percent higher at 424.45 rupees per kg, after hitting an intra-day high of 426.50 rupees, a level last seen on April 13.

Copper may trade in the range of 422-428 rupees, said Prasad.

Three-month London copper was trading 0.31 percent lower at $9,540 a tonne at 8:55 a.m.

The rupee plays an important role in determining the landed cost of the red metal, which is quoted in dollars.

(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)

Silver futures at record Rs 70,462/kg

Silver prices surged by Rs 1,450 to hit a new high of Rs 70,462 per kg in futures trade on Thursday as speculators enlarged their positions on the back of a surging global trend.

At the Multi Commodity Exchange, silver for delivery in December jumped by Rs 1,450, or 2.10 per cent to Rs 70,462 per kg, with a business turnover of four lots.

Similarly, the white metal for delivery in May moved up by Rs 1,591, or 2.42 per cent to Rs 67,235 per kg, with a business volume of five lots.

Analysts said surging global trend and increased buying by speculators, mainly pushed the silver futures prices up to hit a record high.

Meanwhile, the white metal gained 1.5 per cent to USD 45.95 an ounce in Asian region

indianexpress.com