Mumbai: India gold futures steadied on Tuesday morning as pressure from a strong rupee was offset by rising international markets, analysts said. The most-traded October contract on the Multi Commodity Exchange (MCX) was flat at Rs14,871 per 10 grams at 11:35am. The Indian rupee rose, a day after posting its biggest one-day drop in five-and-a-half months, as stocks pulled back from a slide. A strong rupee makes the dollar-denominated asset cheaper. Overseas gold, which guides the domestic market, rose closer to $940 an ounce as investor risk aversion moderated after doubts about an economic recovery triggered sharp selling of cross-market assets the day before. “Recovery in imminent in gold on the back of an expected bounce in crude,” said Debjyoti Chatterjee, associate vice-president, ADMISI Commodities. “Gold may trade in between Rs14,790-15,000 immediately.” Gold may trade in the range of Rs14,830-14,960, said an analyst with Nirmal Bang Commodities. Open interest for October gold on MCX was at Rs13,904 lots, down from Rs14,012 a day earlier. Volume on Monday was 24.67 kg.

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