Mumbai: India gold futures edged higher on Friday, snapping a six-day losing streak on bargain-buying and a steady dollar, analysts said.
The most-traded February gold contract on the Multi Commodity Exchange (MCX) was 0.60 percent higher at 17,180 rupees per 10 grams at 10:59 am. The contract had shed 6.1 percent in the previous six sessions.
"Gold may see some upside till 17,300 rupees on bargain buying at support levels," said Pranav Mer, an analyst with India Infoline in Mumbai.
The dollar index was steady against a basket of major currencies.
Buying could be initiated at 17,150 rupees, with a target of 17,300 and a stop loss of 17,090 rupees, said Mer.
Open interest for February gold on MCX was at 16,148 lots, down from 16,220 a day earlier.
Gold is likely to trade in the range of 17,000-17,200 rupees, said Aurobinda Prasad, head of research, Karvy Comtrade.
Bureau Report
First Published: Friday, December 11, 2009, 11:59