MUMBAI, Nov 5 (Reuters) - India gold futures were held steady on Thursday near their record highs as support from a weak rupee was offset by lower crude oil, analysts said. The most-traded December gold contract MAUZ9 was 0.13 percent higher at 16,609 rupees at 11:00 a.m. The contract struck a contract high of 16,677 rupees in the last session. The Indian rupee eased on Thursday, weighed down by a 1 percent fall in local shares and the dollar's gains against major units overseas. [INR/] A weak rupee makes the dollar-quoted asset expensive. Oil fell below $80 a barrel, after a steep decline in U.S. crude inventories sent prices up 1 percent the previous day, as traders look to the fall in equities markets to take profits despite the weak dollar. See [ID:nT445983] Weak crude oil dims the yellow metal's appeal as a hedge against oil-led inflation. However, analysts said there could be profit-taking after the yellow metal's recent rally to its record highs. "There could be profit-taking in gold, and further directions could come in from (U.S.) data due later. Support would be seen at 16,480 rupees," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade. Gold may trade in the range of 16,530-16,750 rupees, said Murukesh Kumar, senior analyst with JRG Wealth Management. Open interest for December gold on MCX was at 16,690 lots, up from 16,578 a day earlier. Volume on Wednesday was 42.54 kg.

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