MUMBAI, June 2 (Reuters) - India gold futures edged up on Tuesday aided by a weak rupee, that makes the dollar quoted assest expensive, analysts said. The most active August contract MAUQ9 was 0.04 percent higher at 14,814 rupees per 10 grams at 11:32 a.m., after having struck a high of 14,845 rupees in early deals. The Indian rupee backed away from a more than five-month peak reached in the previous session, as the dollar recovered some of its steep losses versus major currencies. See [ID:nBOM474261] "A slight correction cannot be ruled out in gold after the recent rally, but the overall trend is still up," said Amar Singh, head of research with Angel Commodities. "Gold would face stiff resistance at 14,970 rupees now," added Singh. An improvement in equity markets as well as signs of economic recovery globally may dim the metal's appeal as a safe-haven investment, they said. "One needs to be cautiously bullish on gold now because of rising equity markets," said Kunal Shah, an assistant vice-president with Nirmal Bang Commodities. "Gold may trade in the range of 14,600-14,970 (rupees) for a couple of days," said Singh. Open interest for August gold on MCX was at 13,922 lots, down from 13,815 a day earlier. Volume on Monday was 44.1 kg.

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