RTRS: India gold flat on overseas leads, may ease later
MUMBAI, Oct 21 (Reuters) - India gold futures were steady on Wednesday tracking overseas leads, but may tread lower later in the session on profit-taking, analysts said.
The most-traded December contract MAUZ9 was 0.01 percent lower at 15,911 rupees per 10 grams at 10:50 a.m. The contract had gained more than 2 percent since the start of the month.
International gold, which guides the domestic market, steadied above $1,050 per ounce after snapping back a day earlier from two days of gains on a recovery in the dollar, with investors looking to corporate earnings for cues.
"There might be profit-taking due to a strong dollar, range seen is 15,810-15,965," said Kunal Shah, an analyst with Nirmal Bang Commodities.
"It would be more or less rangebound, (we) may see some corrective dip to 15,750 rupees on profit-taking and technical rebound," said Gnanasekar Thiagarajan, director, Commtrendz Research.
Open interest for December gold on MCX was at 12,827 lots, down from 12,850 a day earlier. Volume on Tuesday was 34.36 kg.
