RTRS: India gold edges higher as weak dollar supports
MUMBAI, Dec 8 (Reuters) - India gold futures edged higher on Tuesday morning helped by a weaker dollar, enhancing the yellow metal's appeal as an alternative investment, analysts said.
The most-traded February contract MAUG0 was 0.30 percent higher at 17,600 rupees per 10 grams at 10:34 a.m.
The dollar edged lower, while the euro recovered from one-month lows after senior Federal Reserve officials curbed speculation of a quick rise in U.S. rates after a promising jobs report last week. [USD/]
"Gold should test 17,675/17,700 later due to correction in dollar," said Gnanasekar Thiagarajan, director, Commtrendz Research.
Open interest for February gold on MCX was at 16,491 lots, up from 16,488 a day earlier.
"If gold breaches the resistance of 17,630, further upside could be seen till 17,740 rupees," said Aurobinda Prasad, head of research, Karvy Comtrade.
