Investors would now await the release of consumer price index and industrial production data from the US for direction in the precious metals complex
Mumbai: India gold futures were steady on Wednesday as pressure from a strong rupee was offset by rising crude oil, analysts said.
The most active August contract was almost flat at Rs14,660 per 10 grams at 11:16am.
Investors would now await the release of consumer price index and industrial production data from the US for direction in the precious metals complex.
The Indian rupee extended gains for a second day as higher shares bolstered hopes for foreign capital inflows. Gains in regional peers also supported sentiment.
A strong rupee makes the dollar-quoted asset cheaper.
Oil rose to hover around $60 a barrel buoyed by positive industry data that showed crude oil and gasoline stockpiles fell last week, but lingering concerns about a choppy economic recovery capped its gains.
“Traders would be watching out for major data points from the US,” said Anand James, senior research analyst at Geojit Comtrade in Kochi.
“Yesterday’s rally has lost steam and gold prices may consolidate further between Rs14,630-14,710,” James added.
Gold may be in the range of Rs14,525-14,750, said Abhishek Chauhan, technical analyst with Angel Commodities.
Open interest for August gold on MCX was at 13,650 lots, down from 13,874 a day earlier. Volume on Tuesday was 25.92 kg.
