India's gold futures may extend gains for the second week in a row as investors continue to turn to safe-haven assets as they fret about worsening global economic conditions.
But analysts said high prices would keep a lid on demand.
"Gold will remain positive unless these uncertainties wane," said Vikas Vaid, assistant vice-president with Asit C. Mehta in Mumbai, adding that any correction should be used as a buying opportunity.
The benchmark April contract MAUJ9 was 74 rupees higher at 14,703 rupees per 10 grams at 4:40 p.m., having gained 3.2 percent last week.
The contract had hit an all-time high of 14,824 rupees on Feb. 12.
"Technically the charts look strong with and efforts to break the recent high may get repeated once again this week," said Pradeep Unni, a senior research analyst with Richcomm Global Services.
Dips in the market may be used as opportunities to buy, added Unni.
Gold purchases by India are on course to fall for the second month in a row with no imports so far in February because of high prices, the head of a trade body said on Friday. See [ID:nLD287330]
Unni added that demand in spot has remained low as buyers resist the high prices.
The following are the recommendations for the April contract <0#MAU:> on the Multi Commodity Exchange in rupees per 10 grams.
