India gold futures edged lower on Monday morning, weighed down by a strong rupee, making the dollar-quoted yellow metal cheaper, analysts said.
The most-active February gold contract was 0.16% lower at Rs16,707 per 10 grams at 11.42am.
"A firm rupee is lending weak bias to MCX gold, crucial support is placed at Rs16,63016,490," said Anand James, senior research analyst, Geojit Comtrade.
The Indian rupee strengthened, tracking higher regional peers and an early rise in the domestic sharemarket.
Gold may trade in the range of Rs16,650-16,780, said Pranav Mer, an analyst with India Infoline.
Open interest for February gold on MCX was at 18,342 lots, up from 18,157 a day earlier.
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