RTRS: India gold futures nudged higher by weak rupee
MUMBAI (Reuters) - India gold futures edged higher on Friday helped by a weak rupee, which makes the dollar-quoted asset expensive, analysts said.
The most-traded December contract was 0.28 percent higher at 15,773 rupees per 10 grams at 11:45 a.m., after losing 1.2 percent in the previous session.
The contract had rallied to its record high of 16,048 rupees earlier in the week.
The rupee seesawed in choppy trade on Friday as domestic shares failed to provide a clear direction, while dollar demand from importers and mostly lower Asian units also weighed on sentiment.
"We may see continued profit-taking later, support would be seen at 15,625 rupees," said Kunal Shah, an analyst with Nirmal Bang Commodities. Resistance is placed at 15,860 rupees.
Open interest for December gold on MCX was at 12,837 lots, down from 13,168 a day earlier. Volume on Thursday was 43.01 kg.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
