MUMBAI, Oct 17 (Reuters) - India's gold futures were down on Friday despite the metal trading higher overseas, as a stronger rupee against the dollar pushed down local prices.
Analysts saw a rebound ahead with bargain hunting likely in gold as well as silver after sharp falls a day ago.
"I don't think it will be a bearish day today," said Devarsh Vakil, manager - research, Anagram Capital Ltd.
Foreign gold that guides the local market bounced from a 1-month low, after crude oil rose and a rebound in equity markets eased worries of a global recession for the time being.
In the local market, a stronger rupee erased overseas gains as it made the dollar-priced gold imports cheaper.
The benchmark December gold on the Multi Commodity Exchange of India Ltd (MCX) was expected to be in a range of 12,610 rupees per 10 grams and 13,089 rupees, said Dharmesh Bhatia, senior technical analyst at Kotak Commodity Services Ltd.
December silver MSVZ8 on the MCX was expected to trade within 17,105 rupees per kg and 17,660 rupees, he added.
December silver traded at 17,530 rupees.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:08 a.m. <0#MAU:>:
Contract Current price Net change
===============================================
December 12,739 -45
February 12,834 -42
For a technical look at international spot gold, double click www.reutersindia.net/gold.htm)
(Reporting by Ruchira Singh; Editing by Harish Nambiar)
