India gold futures are expected to tread lower this week on profit-taking before crossing its record high struck on Friday supported by macro-economic turmoil and tumbling global equities, analysts said. "The bullish trend continues to be in force and this is preventing accelerated selloff beyond key supports," said Pradeep Unni, a senior research analyst with Richcomm Global Services in Dubai. "Continued weakness in rupee may keep the Indian gold prices well supported in the near term," Unni added. The Indian rupee trimmed losses in afternoon trade on Tuesday as the share market pared its early fall but the dollar's strength against other Asian currencies capped a further rise in the local unit. A weaker rupee pushes up prices of the yellow metal locally as bulk of it is imported and vulnerable to currency movements. The benchmark April gold contract MAUJ9 was 0.70 percent lower at 15,777 rupees per 10 grams at 3:09 p.m., after hitting a new record high of 16,040 rupees in late Friday trade. "A breach above 16,040, would take prices to 16,300 (rupees)," said Aurobinda Prasad, a senior technical analyst with Karvy Comtrade in Hyderabad. In 2008, gold soared to its year-high of 14,320 rupees, up 35.1 percent from its 2007 close, before falling to 11,290 on Oct. 24. Gold prices have more than doubled since 2004.

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