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RTRS: OUTLOOK-India gold may breach 14,000 on crude rise
 
India's gold futures may rise above 14,000 rupees this week, following higher crude oil prices, but gains may not be sustained as they are led by sentiment, analysts said.

Gold has the strength to test the recent highs seen in October, but sustainability would be a key issue, said Pradeep Unni, a senior research analyst with Richcomm Global Services.

"Such swift rise due to sudden developments in geo-political tensions has always failed to hold on to the gains," Unni added.

Overseas gold rose more than 2 percent on Monday on safe-haven buying due to violence between Israel and Hamas and also due to stronger crude oil.

Crude oil and gold prices move in tandem as one drives inflation, increasing the other's appeal as a hedge.

U.N. Secretary-General Ban Ki-moon called for an immediate end to all violence in Gaza, where at least 300 Palestinians were killed in two days of attacks as Israel stepped up air strikes and prepared for a possible invasion. [ID:nN28295404]

MCX gold futures MAUc1 on continuous charts last traded higher by 2.47 percent at 13,723 rupees per 10 grams, around 600 rupees lower than its all-time high of 14,320 struck on Oct. 10.

"We expect gold prices to remain firm for the week and test the $890-900 (an ounce) resistance on the back of tensions in the Middle-East," said Tejas Seth, a senior research analyst at SMC Global Securities Ltd.

"We anticipate 14,000-rupee level in gold very strongly this week," said Harish Galipelli, head of research at Karvy Comtrade in Hyderabad, adding that the metal will derive support mainly from strong crude and a weaker dollar.

Gold should trade in a range of 13,300-14,000 rupees for the week, Galipelli added.

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