Indian gold eased from its previous day's highs on Tuesday on profit-taking, analysts said.
"It may come down further to 13,470-13,480 levels due to profit-taking," Devarsh Vakil, manager research at Ahmedabad-based Anagram Capital, said. Overseas gold steadied above $870 on Tuesday, hovering within sight of a 11-week high hit the previous day, with sentiment underpinned by conflict in the Middle East, firm oil prices and a weaker U.S. dollar. See [ID:nSP421605]
The benchmark February gold contract on the Multi Commodity Exchange MAUG9 last traded at 13,570 rupees per 10 grams, down 0.48 percent. The contract closed the previous session 1.8 percent higher at 13,635 rupees per 10 grams after an intra-day high of 13,790 rupees.
Analysts said the overall tone for the yellow metal is still bullish on expectations of further weakening of dollar and rising crude oil.
Buying is recommended at 13,500 rupees with a target of 13,700 rupees and with a stop loss of 13,450 rupees, Vakil added.
Open interest for Feb gold on MCX was at 17,126 lots, up from 16,994 a day earlier. Volume on Monday was 51.87 kgs.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd.
