MUMBAI, Oct 23 (Reuters) - India's gold futures were softer, after hitting a new high late on Thursday on the back of firm overseas markets, as high festive-season demand seen last week eased in the world's biggest market. Gold futures opened slightly down on Friday on the Multi Commodity Exchange of India Ltd (MCX) after striking a new high at 16,050 rupees ($345.5) per 10 grams the previous day.
Gold's previous record was 16,048 rupees on Oct. 13.
On the continuation chart MAUc1, gold futures traded at 16,006 rupees, down 0.05 percent from Thursday's close.
On Thursday, the local price rose on cues from the international markets where the metal XAU= was firm owing to a weak outlook for the dollar with which it has an inverse relationship.
A drop in the rupee INR=IN against the dollar on Thursday, also helped push local gold to its new high.
Physical demand was weaker after heavy buying last week for the Dhanteras and Diwali festivals.
