Precision measurement of dc high current is usually realized by second harmonic fluxgate current transducers, but the complicated modulation and demodulation circuits with high cost have been limiting their applications. This paper presents a low-cost transducer that can substitute the traditional ones for precision measurement of high current. The new transducer, based on the principle of zero-flux, is the combination of an improved self-oscillating fluxgate sensor with a magnetic integrator in a common feedback loop. The transfer function of the zero-flux control strategy of the transducer is established to verify the validity of the qualitative analysis on operating principle. Origins and major influence factors of the modulation ripple, respectively, caused by the useful signal extraction circuit and the transformer effect are studied, and related suppression methods are proposed, which can be considered as one of the major technical modifications for performance improvement. As verification, a prototype is realized, and several key specifications, including the linearity, small-signal bandwidth, modulation ripple, ratio stability under full load, power-on repeatability, magnetic error, and temperature coefficient, are characterized. Measurement results show that the new transducer with the maximum output ripple 0.3 $\mu \text{A}$ can measure dc current up to ±600 A with a relative accuracy 1.3 ppm in the full scale, and it also can measure ac current and has a −3 dB bandwidth greater than 100 kHz.