MUMBAI, Dec 5 (Reuters) - India gold futures extended losses for the sixth straight session on Friday as the rupee gained soon after a slightly soft opening, analysts said.
Amid steady international prices, traders have now turned their attention to U.S. non-farm payrolls data due out later in the day for future direction on the yellow metal.
"There is a lot of selling pressure on gold," said Vikas Vaid, assistant vice-president at Asit C. Mehta Commodity Services Pvt Ltd, adding that every rally should be used as a selling opportunity.
The Indian rupee strengthened in early trade on Friday helped by a rise in Asian stocks, which fuelled expectations of some foreign fund inflows into local shares, and a drop in oil prices. [See ID:nBOM53315]
Overseas gold steadied after recovering lost ground in Asian trading on Friday, supported by the European Central Bank's bigger-than-expected interest rate cut, which pressured the U.S. dollar lower and prompted bullion buying. See [ID:nSYD354527]
"The whole trend for MCX gold remains bearish for the day," said Aurobinda Prasad, senior technical analyst at Karvy Comtrade.
February gold may trade in the range of 12,250-12,475 for the day, while March silver may be confined to 16,400 rupees per kg and 16,900, Prasad added.
Open interest for February gold on MCX was at 11,674 lots, down from 11,759 a day earlier. Volume on Thursday was 59.99 kg.
