MUMBAI: India gold futures were steady on Friday, hovering at their two-week low struck in the previous session, when a strong dollar dimmed the
yellow metal's appeal as an alternative investment, analysts said.
The most-traded October gold contract was 0.12 percent lower at 15,580 rupees per 10 grams at 12:08 p.m. The contract fell to a low of 15,550 rupees on Thursday, a level last seen on Sept. 10.
The dollar rallied broadly as short-covering gathered pace a day after major central banks jointly announced steps to scale back massive injections of the U.S. currency.
"Some bargain buying could emerge at support levels of 15,500 later in the session," said Pranav Mer, an analyst with India Infoline, adding resistance is placed at 15,700.
Gold may be in the range of 15,463-15,660 rupees, said Krishna Reddy, an analyst with Way 2 Wealth Securities.
Open interest for October gold on MCX was at 13,038 lots, down from 13,362 a day earlier. Volume on Thursday was 45.93 kg.
