MUMBAI (Reuters) - India's gold futures were down on Tuesday, with a stronger rupee erasing the metal's gains in the overseas markets, analysts said.
"Gold is not looking very bearish, it could remain sideways to down," said an analyst at Motilal Oswal Commodities Broker Ltd.
Foreign gold that guides the local market gained more than 2 percent on high oil prices and a firmer euro, but a rally in stock markets had the potential to cap its gains, analysts said.
In the local markets the rupee rose more than 1 percent against the dollar as stocks rallied, raising hopes of capital inflows.
The benchmark December gold on the Multi Commodity Exchange of India Ltd (MCX) was expected to trade between 12,910 rupees per 10 grams and 13,280 rupees, the Motilal Oswal analyst said.
December silver on the MCX was expected to trade between 18,700 rupees per kg and 19,450 rupees, the analyst added.
