Mumbai: The gold futures extended losses for a second day on Thursday weighed by a strong rupee, making the dollar-quoted yellow metal cheaper, analysts said.
However, a strong crude oil, which enhances the appeal of the yellow metal as a hedge against oil-led inflation, could support later in the day, they added.
The most-traded December contract on the Multi Commodity Exchange (MCX) was 0.28% lower at Rs15,877 per 10 grams, after losing 0.7% in the previous session.
The contract had rallied to its record high of Rs16,048 earlier in the week.
“The bias is still on the upside and crude may come in support,” said Kunal Shah, an analyst with Nirmal Bang Commodities.
Gold might trade in between Rs15,830-15,990, added Shah.
Open interest for December gold on MCX was at 13,175 lots, up from 13,047 a day earlier. Volume on Wednesday was 40.55 kg.