MUMBAI, Dec 12 (Reuters) - India's gold futures eased from its recent highs on Friday tracking overseas markets, but a weak rupee capped losses, analysts said.
"We expect flat to upward movement in gold for the day," said Dharmesh Bhatia, a technical analyst at Kotak Commodities Services.
The benchmark gold February contract MAUG9 had ended up 99 rupees at 12,817 rupees per 10 grams on Thursday, registering its fifth consecutive day of gains. The contract had hit a high of 12,932 rupees on Thursday. Overseas gold edged lower pressured by weak crude oil thereby dimming the yellow metal's appeal as a hedge against inflation.
"Gold needs to sustain above 12,930 levels to continue its uptrend," said Vikas Vaid, assistant vice-president at Asit C. Mehta Commodities Pvt. Ltd.
Analysts said a weak rupee capped the downside. A weak rupee makes the dollar-quoted gold expensive.
Gold may trade in the range of 12,700-12,800 for the day, Bhatia added.
Open interest for Feb gold on MCX was at 13,714 lots, up from 13,272 a day earlier. Volume on Thursday was 59.24 kgs.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:41 a.m. <0#MAU:>:
