RTRS: India gold futures tread water on rupee, overseas mkt
MUMBAI, June 9 (Reuters) - India gold futures were flat on Tuesday as support from a weak rupee was offset by a soft international futures market, analysts said.
The most active August contract MAUQ9 was 0.01 percent lower at 14,599 rupees per 10 grams at 11:26 a.m., after hitting a high of 14,630 rupees in early deals.
A weak rupee makes the dollar-quoted asset expensive.
The Indian rupee weakened under pressure after the dollar climbed against a basket of major currencies. See [ID:nBOM103327]
At 11:27 a.m., Comex August gold GCQ9 retreated from its high of $956.4 an ounce and traded down 0.1 percent at $951.5.
"We would continue to watch rupee for direction in gold," said Debjyoti Chatterjee, an associate vice-president with ADMISI Commodity. "Profit-taking could take gold down to 14,460 rupees later in the session."
Gold may trade in the range of 14,377-14,733 rupees, said Krishna Reddy, an analyst with Way 2 Wealth Securities.
Open interest for August gold on MCX was at 13,929 lots, up from 13,760 a day earlier. Volume on Monday was 36.03 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:06 a.m. <0#MAU:>:
