MUMBAI, Nov 3 (Reuters) - India gold futures may test record highs this week on the back a weak dollar overseas, with investors awaiting cues from the Federal Reserve's monetary policy meet for direction, analysts said. "Dollar would continue to remain under pressure, which may boost gold's appeal. Domestic gold is likely to test new highs," said Harish Galipelli, head of research with JRG Wealth Management in Kochi. "Next resistance could be seen at 16,300 rupees," said Galipelli. The most-traded December contract MAUZ9 was 0.71 percent higher at 16,232 rupees per 10 grams at 3:16 p.m., after hitting a record high of 16,248 rupees earlier. "We are expecting sideways to higher movement and resistance is seen at 16,350 (rupees) later," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade. The dollar held steady on Tuesday before the start of the U.S. Federal Reserve's policy-setting meeting. A weak dollar enhances gold's appeal as an alternative asset. [USD/] [MI/DIARY] The Reserve Bank of India's purchase of 200 tonnes of the yellow metal from the International Monetary Fund was also seen supporting international gold prices. Foreign gold guides the domestic market as most of the yellow metal is imported. See [ID:nDEL484779] The IMF sale is part of an agreement struck earlier this year among IMF member countries to sell 403.3 tonnes of the body's gold stocks to diversify the Fund's sources of income and to increase low-cost lending to poor countries. (Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)

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