Indian gold futures are likely to extend gains in early trade on Wednesday due to a weaker rupee.

Analysts said that the most active gold for February delivery on the Multi Commodity Exchange last ended 0.07% higher at INR 28,078 per 10 grams. The rupee which weakened plays an important role in determining the landed cost of dollar denominated yellow and red metal.

Global gold was steady after posting its biggest monthly gain since August with an 11% rise in the first month of 2012.

Analysts said that India copper futures are likely to open a tad higher on a fall in the rupee. The most active copper for February delivery on the MCX last ended 0.96% higher at INR 417.15 per kilogram.

(Sourced from Economictimes.indiatimes.com)