Gold futures steady near record highs

Gold futures steady near record highs

Mumbai: India gold futures steadied near record highs on Friday as pressure from profit-taking was offset by the yellow metal’s safe-haven appeal on cautious global economic outlook, analysts said.

The most-traded December contract was Rs17,212 per 10 grams, down 0.11% at 10:46am, after hitting a low of Rs17,204 in early deals.

The contract had struck an all-time high of Rs17,243 in the previous session.

“The pressure of profit-taking remains after the recent rise," said Harish Galipelli, head of researcj with JRG Wealth Management.

The contract has gained about 7% since the start of the month.

Falling U.S. equities on growing caution about the US economic outlook helped highlight gold’s safe-haven appeal.

“In all, gold may consolidate between Rs17,100-17,280, but the sentiment still remains positive," added Galipelli.

Gold may trade in the range of Rs17,192-17,300, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.