New Delhi, Nov 20: India gold futures steadied near record highs on Friday as pressure from profit-taking was offset by the yellow metal’s safe-haven appeal on cautious global economic outlook, analysts said.
The most-traded December contract was 17,212 rupees per 10 grams, down 0.11 percent at 10:46 a.m., after hitting a low of 17,204 rupees in early deals.
The contract had struck an all-time high of 17,243 rupees in the previous session.
“The pressure of profit-taking remains after the recent rise,” said Harish Galipelli, head of research with JRG Wealth Management.
The contract has gained about 7 percent since the start of the month.
Falling U.S. equities on growing caution about the U.S. economic outlook helped highlight gold’s safe-haven appeal.
“In all, gold may consolidate between 17,100-17,280 rupees, but the sentiment still remains positive,” added Galipelli.
Gold may trade in the range of 17,192-17,300 rupees, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
Open interest for December gold on MCX was at 16,633 lots, down from 16,731 a day earlier.
–Agencies