MUMBAI: India gold futures were almost steady on Tuesday morning taking a breather after last week's rally to their record highs, analysts said.
Investors would continue to watch Dubai's loan repayment troubles for direction, they added. The most-traded February contract was 0.08 per cent higher at Rs 17,733 per 10 grams at 10:57 am, after hitting a record high of Rs 18,082 during last week.
"Profit-taking could be seen in later part of the session. Support is placed at 17,580/17,600 (rupees)," said Abhishek Chauhan, an analyst with Angel Commodities. The contract had gained more than nine per cent in November.
Gold may trade in the range 17,700-17,850, said Aurobinda Prasad, head of research, Karvy Comtrade. Analysts said a strong rupee, which makes the dollar-quoted asset cheaper, would continue to weigh on gold.
The rupee rose as the dollar fell against major currencies overseas, but it moved in a very narrow band. Open interest for February gold on MCX was at 17,640 lots, up from 13,718 a day earlier.
