MUMBAI: India gold futures edged up on Thursday to hit a one-week high, supported by a weak rupee, making the dollar-quoted asset expensive, analysts said.
The most-traded December gold contract was 0.29 percent higher at 15,995 rupees per 10 grams at 10:57 a.m., after hitting a high of 16,010 rupees in early deals, a level last seen on Oct. 14.
The rupee weakened, falling to its lowest in more than a week, as traders bought the dollar on the back of the U.S. unit's bounce from 14-month lows against a basket of currencies.
"We are maintaining a bullish view in gold and it may face tough resistance at 16,020 rupees," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
Open interest for December gold on MCX was at 13,250 lots, up from 13,081 a day earlier. Volume on Wednesday was 37.36 kg.
