MUMBAI: India gold futures may edge higher this week on the back of a weak dollar, which enhances the yellow metal's appeal as an alternative
The most-traded December contract was 0.32 percent lower at 15,553 rupees per 10 grams at 5:35 p.m. The dollar weakened after a G7 meeting at the weekend reaffirmed the market's view policymakers are comfortable with a gradually weakening dollar, a trade encouraged by the resilience in global equity markets.
"The outlook looks good on a weak dollar," said Gnanasekar Thiagarajan, director, Commtrendz Research, "It may test 15,850 rupees during the week."
Domestic gold rallied to a seven-month high of 16,009 last month, within reach of its all-time high of 16,040 rupees, struck on Feb. 20.
"Market would be requiring further trigger to revist 16,000," said Harish Galipelli, head of research with JRG Wealth Management in Kochi. "Possible range would be 15,400-15,750 rupees for the week."
