Mumbai: Indian gold futures were down on Tuesday as overseas markets eased slightly and analysts said the metal may stay steady during the day awaiting new triggers.
“Gold should consolidate its recent gains, but a mild profit booking cannot be ruled out,” said Harish Galipelli, head of research at Karvy Comtrade Ltd.
Overseas gold dipped on profit taking after rising to its best level the previous day since its all-time high of $936.50 an ounce on 1 February.
Concerns over economic growth in the US and credit market woes continue to draw investors to the safe haven appeal of gold.
Another analyst, Kunal Shah at Motilal Oswal Commodities Broker Pvt Ltd, also said the metal may remain in a range with some possibility of profit taking.
“But the overall bullish trend remains intact,” Shah added.
Shah said the April contract on the Multi Commodity Exchange of India Ltd was likely to range within Rs11,700 per 10 grams to Rs11,800..
Open interest for the April contract on MCX was at 11,580 lots, up from 11,505 on the previous day. Volume on Monday was at 45.34 kg.