India gold futures steady near record

India gold futures were almost steady near their lifetime high on Monday as support from a weak dollar was offset by a downward push from weak crude oil, analysts said.
                                           
The most-traded December gold contract was 0.12% lower at Rs15,960 per 10gm at 10:33am. The contract rose to a record Rs16,066 in late-Friday trade.
                                           
"The strategy would be to buy on dips at 15,930 (rupees), with a stop loss of 15,865 and targeting Rs16,020," said Kunal Shah, an analyst with Nirmal Bang Commodities.
                                           
"15,900 could act as a good support, while resistance would be at Rs16,060," said Pranav Mer, an analyst with India Infoline.
                                           
The dollar fell to a 14-month low against the euro as a Chinese report saying Beijing should increase its holdings of euros and yen in its foreign reserves led investors to sell the greenback.
                                           
A weak dollar enhances gold's appeal as an alternative investment, while weak crude dims the yellow metal's appeal as a hedge against oil-led inflation.
                                           
Oil fell for the third day to below $80 a barrel on Monday, extending the previous session's decline, as investors took profit amid renewed concerns about the strength of the global economic recovery.
                                           
Open interest for December gold on MCX was at 13,256 lots, down from 13,424 a day earlier. Volume on Saturday was 1.42kg.