MUMBAI: India gold futures traded steady on Tuesday as pressure from a strong rupee was offset by rising crude-oil, analystssaid.
The most-active August contract was 0.04 per cent lower at 14,590 rupees per 10 grams at 11:51 am.
The Indian rupee gained following two successive sessions of falls, on hopes foreigners would buy local shares in line with rising Asian stock markets. A strong rupee makes the dollar quoted asset cheaper.
Oil reversed the previous session's losses and rose above $60 a barrel, thanks to improved sentiment amid a stock market rally, but lingering fears of the deep and long recession capped oil's gains.
Gold is considered as a safe hedge against inflation, spurred by rising crude oil prices.
"It would continue to trade in a range as long as the rupee volatility continues. Resistance is placed at 14,670 (rupees)," said Gnanasekar Thiagarajan, director, Commtrendz Research.
Gold may be in the range of 14,550-14,680 rupees, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
Open interest for August gold on MCX was at 12,858 lots, up from 12,707 a day earlier. Volume on Monday was 28.34 kg.
