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India gold, silver seen continue fall from record; copper down
India gold and silver futures are likely to extend a fall from their record highs on Tuesday as investors resort to profit-taking after the gains of the last few sessions, analysts said.
The most-active gold for June delivery on the Multi Commodity Exchange (MCX) last closed 0.61% lower at 21,986 rupees per 10 grams, after falling from a record high of 22,172 rupees.
"We could see further downside in prices of gold to 21,900 rupees," said Abhishek Chauhan, senior analyst with Angel Commodities.
Silver for May delivery on the MCX last closed 0.9% lower at 70,129 rupees per kg, after falling from its peak of 73,600 rupees.
Silver may trade in the range of 68,000-70,500 rupees on Tuesday, said Chauhan.
The stunning rally in overseas silver fizzled, and gold edged lower after a seven-day record-setting run, as market participants return from the long Easter weekend and focus on a US Federal Reserve policy meeting starting later in the day.
COPPER: India copper futures are likely to open lower on Tuesday morning, extending losses from the previous session, following weak overseas market,
The most-traded copper for April delivery on the MCX closed 2.6% lower at 421.90 rupees per kg in the last session.
"I would go short in copper for a target of 410 rupees," said Chauhan.
LME metals fell across the board after the four-day Easter weekend as traders trimmed risk exposures ahead of a Fed interest rate meeting and US GDP data due this week. ---- READ MORE
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