MUMBAI: India's gold futures edged lower on Thursday tracking weak international markets, but a weak rupee that makes the dollar-quoted metal losses, analysts said.
The Indian rupee dropped to its lowest in nearly two weeks on Thursday as demand for dollars, particularly from oil refiners, picked up momentum for import payments.
Overseas gold inched down on Thursday, posting its third straight day of losses, as a steady dollar dulled some of bullion's sheen, but it remained within the previous session's range on weaker equities.
"Gold may trade sideways in the short-term....weak rupee may support," said Mandar Pote, an analyst with Angel Commodities Broking Pvt Ltd.
