MUMBAI, Sept 24 (Reuters) - India gold futures were steady with a negative bias on Thursday on falling crude oil, dimmimg the yellow metal's appeal as a hedge against oil-led inflation, analysts said. The most-traded October gold contract on the Multi Commodity Exchange (MCX) was down 0.05 percent at 15,829 rupees per 10 grams at 11:29 a.m., after hitting a low of 15,796 in early deals. The contract is still down 1 percent from its seven-month high of 16,009 rupees struck last week, when a weak dollar spurred buying in the yellow metal. Oil prices extended losses and fell closer toward $68 a barrel, as data showing an unexpectedly high build up in U.S. oil and products stockpiles reminded traders that oil prices may have run ahead of the demand fundamentals. See [ID:nSYD539130] Traders would continue to eye the movements in dollar, which softened against higher yielding currencies, for direction in the precious metals complex, they added. [USD/] "Trading range would be 15,766-15,886 rupees," said Krishna Reddy, an analyst with Way 2 Wealth Securities. "Gold may consolidate here in the range of 15,600-16,000 (rupees) before a move up," said Gnanasekar Thiagarajan, director, Commtrendz Research in Mumbai. Open interest for October gold on MCX was at 14,537 lots, down from 14,648 a day earlier. Volume on Wednesday was 30.39 kg. Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:29 a.m. <0#MAU:>: Contract Current price Net change Oct 15,828 -9 Dec 15,811 -9 For a technical look at gold double click (www.reutersindia.net/gold.htm) (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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