Mumbai: India gold futures were almost flat on Tuesday as traders continued to watch the currency movements overseas for direction, analysts said.
The most-traded gold February contract was 0.03% higher at Rs17,036 per 10 grams at 10:47am.
The dollar initially rose against the yen and the euro, after an official at China’s sovereign wealth fund said the US currency had little room to fall further.
However, it later reversed those gains after the official said his comments reflected only his personal view.
“Selling pressure could be seen on reversal in dollar, selling could be done at Rs17,020/17,030, with a stop loss of Rs17,105 and targeting Rs16,900,” said Abhishek Chauhan, an analyst with Angel Commodities.
Open interest for February gold on MCX was at 16,272 lots, down from 16,394 a day earlier.
Gold may trade in the range of Rs16,850-17,050, said Murukesh Kumar, an analyst with JRG Wealth Management.