Mumbai: India’s gold futures were almost steady on Wednesday as pressure from a strong rupee, which makes the dollar-quoted yellow metal cheaper, was offset by firm overseas markets, analysts said.
The most-traded February gold contract was 0.09% higher at Rs16,848 per 10 grams at 10:39am.
“Gold could see an upside till Rs17,029 for today,” said Krishna Reddy, an analyst with Way 2 Wealth Securities.
The Indian rupee rose for a third consecutive session buoyed by an early rise in the sharemarket and tracking the dollar’s drop versus major currencies overseas.
US gold futures for February delivery was 0.45% higher at $1,123.7 an ounce at 10:39am.
“Buying could be initiated at Rs16,840, with a stop loss of Rs16,775, and targeting Rs16,975,” said Kunal Shah of Nirmal Bang Commodities.
Open interest for February gold on MCX was at 17,810 lots, up from 17,553 a day earlier.