Gold likely to ease from record; Copper to open higher

Mumbai: India’s gold futures are likely to ease from their record high on profit-taking, after the yellow metal gained more than 19 percent since July, analysts said. * The most-active gold for October delivery on the MCX last closed 1.8 percent higher at Rs 26,204  per 10 grams, after hitting a record of Rs 26,457. [caption id=“attachment_58661” align=“alignleft” width=“380” caption=“Overseas gold eased from record highs hit earlier in the session, after the CME Group raised margins on COMEX gold futures. Reuters”]  [/caption] * Overseas gold eased from record highs hit earlier in the session, after the CME Group raised margins on COMEX gold futures, while turmoil in the global financial markets and fears of slower growth will buoy sentiment. * A weaker rupee back home could limit losses in the yellow metal. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow and red metals.  COPPER Copper futures are likely to open a tad higher on Thursday morning, recovering from previous session’s low, tailing overseas markets and a weaker rupee, analysts said. * The most-active copper for August delivery on the Multi Commodity Exchange (MCX) closed 1.5 percent lower at 391.70 rupees per kg, after hitting a low of 387.10 rupees. * LME copper rose as investors picked up commodities, spurred by China’s strong July trade figures and the U.S. Federal Reserve’s pledge to keep borrowing rates near zero for at least two years. Reuters