India gold seen bouncing from 2-wk low; copper up

India gold futures are likely to bounce back from their over two-week low on bargain hunting after the yellow metal shed 2.8 percent in the previous three sessions, analysts said.

The most-active December gold contract on MCX last closed at 19,328 rupees per 10 grams, down 1.08 percent, after falling to a low of 19,306 rupees, a level last seen on Oct. 5.

The contract may open at 19,350 rupees, said Abhishek Chauhan, an analyst with Angel Commodities.

Gold may trade in the range of 19,200-19,420 rupees, said Chauhan.

COPPER:

India copper futures are likely to open a tad higher on Friday following overseas markets, with investors eyeing the movement in the rupee for direction, analysts said.

The most-active November copper on the Multi Commodity Exchange (MCX) last closed at 372.45 rupees per kg, up 0.12 percent.

The contract may open at 374 rupees, said Angel's Chauhan.

Three-month London copper was trading 0.72 percent higher at $8,354 a tonne at 9:05 a.m., heading for a one-percent weekly loss, snapping a five-week winning streak.

The Indian rupee is expected to start slightly weaker, tracking losses in other Asian currencies as the dollar remained supported ahead of the G20 finance ministers' meeting.

Sideways movement would be there in Copper, support is placed at 368, resistance would be seen at 377, said Chauhan.

(Reporting by Siddesh Mayenkar; editing by Sunil Nair)