MUMBAI: Gold futures were almost flat on Wednesday morning on lack of fresh leads, after gaining 0.5 per cent in the previous session, when
safe-haven buying supported the yellow metal, analysts said.
The most-traded October contract was 0.01 per cent higher at Rs 15,204 per 10 grams at 11:11 am.
Analysts said investors would continue to closely follow the moves in dollar and crude for direction in the precious metals complex.
"There are no major fresh cues for gold to react and therefore its trading flat," said Krishna Reddy, an analyst with Way 2 Wealth Securities in Mumbai. Gold may trade in the range of Rs 15,150-15,251.
However, the trend in gold is still positive on hopes of safe-haven purchases after US equity markets stumbled on concerns of health of US financial system.
"The trend is still firm on rising risk aversion seen after yesterday's stock markets decline. The upside would remain capped at Rs 15,220," said Kunal Shah, analyst with Nirmal Bang Commodities.
Open interest for October gold on MCX was at 15,998 lots, up from 15,796 a day earlier. Volume on Tuesday was 29.77 kg.
