Gold seen extending gains past near 6-wk high

Gold futures in India are likely to open a tad higher on Tuesday, extending gains from their highest level in nearly six weeks following overseas markets, though a strong rupee could weigh later in the session.

The most-active gold for February delivery on the Multi Commodity Exchange (MCX) ended 0.25% higher at Rs 28,059 per 10 grams on Monday, after hitting a high of Rs 28,094, a level last seen on December 21.

Global gold ticked up, heading for its biggest monthly increase since August.

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

Copper

Copper futures are likely to open a tad higher following global markets, analysts said.

The most-active copper for February delivery on the MCX ended 1.05% lower at Rs 421.20 per kg on Monday.

London copper inched up on Tuesday, heading for its biggest gain in three months.