MUMBAI, Nov 18 (Reuters) - Indian gold futures eased on Tuesday on fears of a fall in demand due to global turmoil, but a weak rupee and firm oil prices are likely to provide support later in the day, analysts said. "Demand is good till now, but it may come down if the economic crisis continues like this," said Vikas Vaid, assistant vice president, Asit C. Mehta Commodity Services Pvt Ltd. Worries about the global economy mounted after Citigroup (C.N: Quote, Profile, Research) said it would cut 52,000 jobs. However, a weak rupee and firm crude oil prices are likely to support the market, said Harish Galipelli, head of research, Karvy Comtrade Ltd. The Indian rupee slipped nearly a percent on Tuesday morning as another sharp fall in shares added to concerns foreigners were likely to continue selling their holdings to repatriate funds and cut risk exposure. See [ID:nBOM144883] India imports most of its gold. A weak rupee makes imports costlier and pushes up domestic prices. The December contract MAUZ8 on MCX is likely to trade in a range of 11,750-11,920 rupees, Galipelli said. Open interest for December gold on MCX was at 10,205 lots, up from 10,020 the previous session. Volume on Monday was 42.7 kg.

Source