India gold seen striking fresh record; copper up
MUMBAI, Nov 23 (Reuters) - India gold futures may strike a fresh record on Monday supported by safe haven buying overseas on inflation and doubts about economic outlook after a fall in U.S. stocks, analysts said.
The benchmark December gold MAUZ9 on the Multi Commodity Exchange (MCX) closed 0.8 percent higher at 17,389 rupees per 10 grams, after hitting a record high of 17,394 rupees in the last session.
December gold is likely to open at 17,450/17,475 rupees per 10 grams, said Gnanasekar Thiagarajan, director, Commtrendz Research.
"The economic uncertainty along with fund and investment buying is helping gold prices," said Thiagarajan.
Gold would find tough resistance at psychological level of 17,500, he added.
U.S. stocks fell for a third straight day on Friday as investors took weaker-than-expected results from computer maker Dell (DELL.O: Quote, Profile, Research) and homebuilder D.R. Horton (DHI.N: Quote, Profile, Research) as a further sign the recovery would be anemic. [.N]
"Gold is still looking bullish, it might test 17,600 rupees later," said Abhishek Chauhan, an analyst with Angel Commodities.
COPPER:
India's copper futures may open slightly higher on support from a strong precious metals complex and supply concerns from Chile, analysts said. Continued...
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