MUMBAI (Reuters) - India gold futures were slightly lower as international gold retreated below $1,000 an ounce on Thursday, but a weak dollar may trigger an upside, analysts said.
International gold inched up on Thursday after failing to maintain $1,000 per ounce the previous day, with investors focused on the dollar as further weakness in the greenback is likely to benefit the precious metal.
The precious metal often moves in the opposite direction to the dollar, as it is seen as an alternative to holding the U.S. currency.
Indian gold futures are not delivery-based commodities and mirror international trends.
"The dollar is likely to decline further on concerns of trade deficit and US borrowings," said an analyst with Karvy Comtrade Ltd.
The US trade data is due later in the day. Economists in a Reuters survey forecast a $27.35 billion trade deficit compared with a $27.01 billion deficit in June.
