MUMBAI, Aug 14 (Reuters) - India gold futures traded slightly higher on Friday supported by a weak rupee and strong crude oil, analysts said.
The most-traded October gold contract MAUV9 was 0.25 percent higher at 14,975 rupees per 10 grams at 11:12 a.m..
The Indian rupee dropped tracking overnight gains in dollar versus other majors, while a choppy start to domestic shares failed to provide clarity on direction of foreign fund flows. A weak local currency makes the dollar-quoted metal expensive.
U.S. crude oil futures extended gains for a third day to above $71 a barrel, after rising 0.5 percent the previous day on hopes for an economic recovery. Gold is considered a safe hedge against inflationary concerns.
"The bias is still on the upside, with resistance placed at 15,050 rupees," said Abhishek Chauhan, an analyst with Angel Commodities.
Gold may trade in the range of 14,880-15,040 rupees, said Aurobinda Prasad, deputy-manager research with Karvy Comtrade.
Open interest for October gold on MCX was at 14,570 lots, up from 14,328 a day earlier. Volume on Thursday was 21.51 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:12 a.m. <0#MAU:>:
Contract Current price Net change
Oct 14,975 +37
Dec 14,983 +40
For a technical look at gold double click (www.reutersindia.net/gold.htm)
(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)
