RTRS: India gold futures edges higher on weak rupee
India's gold futures edged higher on Monday, supported by a weak rupee, but weak international markets restricted the upside, analysts said.
The most active June contract on the Multi Commodity Exchange was 0.25 percent higher at 14,551 rupees per 10 grams at 11:17 a.m., after losing 1.6 percent last week.
A weak rupee makes the dollar-quoted asset expensive.
The rupee halted its six-day rally following its biggest weekly gain in 13 years.
Overseas gold was a touch softer but remained within sight of a two-month high above $960 touched in the previous session, as bullion retained its sheen in the face of dollar's weakness.
"It would be a volatile day with no clear direction," said Gnanasekar Thiagarajan, director, Commtrendz Research in Mumbai.
"The bias is neutral because rupee has weakened and international prices are down," said Thiagarajan.
Gold may trade in the range of 14,460-14,650 rupees on Monday, said Debjyoti Chatterjee, associate vice-president with ADMISI Commodities.
Open interest for June gold on MCX was at 11,773 lots, up from 11,661 in the previous session. Volume on Saturday was 1.05 kg.
