Gold seen falling past 1-week low

Mumbai: Indian gold futures are expected to extend losses for the fourth day in a row on Tuesday to slide past a one-week low hit in the previous session, tracking overseas markets, although a weaker rupee could limit the downside, analysts said.

The most-active gold for April delivery on the Multi Commodity Exchange (MCX) on Monday ended 0.50 percent lower at Rs 28,119 per 10 grams, after hitting a low of Rs 28,018 - its lowest since February 7, when it touched 27,870 rupees.The contract had shed 0.35 percent in the previous two sessions.

The rupee, which weakened on Tuesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Global gold edged lower, tracking a weaker euro, as wary investors focused on whether Greece will be able to convince Europe to grant a much-needed bailout and implement unpopular reforms.

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Copper futures are likely to open lower, extending losses for another session, in tandem with global markets, analysts said.

The most-active copper for February delivery on the MCX last ended at 418.90 rupees per kg, down 1.31 percent on day. Three-month London copper was 0.42 percent lower at $8,390 a tonne at 9:18 a.m.

Reuters