Mumbai: India gold futures were flat on Tuesday as support from a weak rupee was offset by a soft international futures market, analysts said.
The most active August contract was 0.01% lower at Rs14,599 per 10 grams at 11:26am, after hitting a high of Rs14,630 in early deals.
A weak rupee makes the dollar-quoted asset expensive.
The Indian rupee weakened under pressure after the dollar climbed against a basket of major currencies.
At 11:27am, Comex August gold retreated from its high of $956.4 an ounce and traded down 0.1% at $951.5.
“We would continue to watch rupee for direction in gold,” said Debjyoti Chatterjee, an associate vice-president with ADMISI Commodity. “Profit-taking could take gold down to Rs14,460 later in the session.”
Gold may trade in the range of Rs14,377-14,733, said Krishna Reddy, an analyst with Way 2 Wealth Securities.
Open interest for August gold on MCX was at 13,929 lots, up from 13,760 a day earlier. Volume on Monday was 36.03 kg.
