MUMBAI (Reuters) - India gold futures traded almost steady on Friday morning as support from a weaker rupee was offset by risk aversion concerns overseas after mounting debt fears in Europe, analysts said.
Traders would be awaiting the U.S. non-farm payroll figures for direction in the precious metals complex.
The most-traded April gold contract on the Multi Commodity Exchange (MCX) was 0.09 percent lower at 16,137 rupees per 10 grams at 11:03 a.m.
The Indian rupee weakened, weighed down by losses in the domestic sharemarket combined with the dollar's strength overseas, traders said. A weak rupee makes the dollar-quoted asset expensive.
The head of the International Monetary Fund called for painful steps to cut huge fiscal deficits across Europe, saying no country should be under the illusion it was possible to escape the financial crisis without paying the cost.
"Every rally should be used for selling, support is pegged at 15,900," said Kunal Shah of Nirmal Bang Commodities.
Open interest for April gold on MCX was at 14,127 lots, down from 14,569 a day earlier.
Gold may trade in the range of 15,900-16,300, said Tejas Seth, senior analyst with SMC Global.
