Gold futures seen opening steady

A salesman displays a gold necklace at a jewellery shop in Agartala, capita...

India gold futures may open steady on Friday as pressure from profit-taking is likely to be offset by a weak rupee, after the yellow metal struck a fresh record high in the previous session, analysts said.

The benchmark December gold on the Multi Commodity Exchange (MCX) closed 0.7 per cent higher at Rs 17,231  per 10 grams, after hitting a record high of Rs 17,243  in the last session.

December gold is likely to open at Rs 17,240/17,250 per 10 grams, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.

"The trend would be sideways to higher, gold may face resistance at Rs 17,300," said Prasad.

Gold and Silver rates

The Indian rupee weakened on Friday after dropping to a one-week low in the previous session, weighed by shaky regional stocks and the dollar's firmness against majors.

A weak rupee makes the dollar-quoted gold expensive.

Glitter Estimator

"We expect some profit-taking to happen later, trading range would be Rs 17,150-17,300," said Murukesh Kumar, senior research analyst with JRG Wealth Management.

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