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RTRS: India gold may hit fresh record; copper seen up
 
MUMBAI, Oct 23 (Reuters) - India's gold futures may extend gains to hit a fresh record on Friday on the back of a weak dollar, enhancing the yellow metal's appeal as an alternative investment, analysts said.

The benchmark December gold MAUZ9 last closed 0.4 percent higher at 16,012 rupees per 10 grams, after hitting a fresh record of 16,050 rupees, erasing the previous all-time high of 16,048 rupees.

The contract had gained about 2 percent in the previous six sessions.

December gold is likely to open at 16,035/16,045 rupees per 10 grams, said Gnanasekar Thiagarajan, director, Commtrendz Research.

"Gold would trade firm and might go on to make another record due to dollar weakness," said Thiagarajan. "The maximum upside seen would be 16,200/16,225 rupees."

The dollar ground to its latest low for the year against the euro as the market took aim at options barriers, while sterling, a laggard in the broad rally against the dollar, rose ahead of UK growth data. [USD/]

"The range seen for the day is 15,960-16,100 rupees," said Abhishek Chauhan, an analyst with Angel Commodities.

COPPER:

India's copper futures may open slightly higher helped by a weak dollar overseas, analysts said.

The most-traded November contract MCCX9 on the Multi Commodity Exchange of India (MCX) ended 0.3 percent lower at 308.20 rupees per kg in the previous session.

November copper may open at 309 rupees, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.

"We expect sideways to higher movement in copper. Dollar index is lower, equities are up, which may help copper," said Prasad. "Range seen is 306-315 rupees for the day."

October zinc contract MZIV9 closed 1.4 percent higher at 103.20 rupees per kg, while lead for October delivery MLDV9 ended 2 percent lower at 109.80 rupees per kg in the previous session.

Source