MUMBAI, June 4 (Reuters) - India gold futures traded a tad higher on Thursday, aided by a weak rupee, and further supported by slightly higher international markets, analysts said. The most active August gold contract MAUQ9 was 0.22 percent higher at 14,738 rupees per 10 grams at 11:16 a.m., after losing 1.2 percent in the previous session. A weak rupee makes the dollar quoted asset expensive. The Indian rupee dropped backing further away from seven-month highs struck in the previous session, weighed down by lower domestic stocks and the dollar's strength against majors. See [ID:nBOM79165] Overseas gold prices, which guides the domestic market, rose as investors bought back the metal after a round of profit-taking the previous day, when the U.S. currency climbed and oil prices tumbled. See [ID:nT318488] Traders said they were watching interest rate decisions later on Thursday by the Bank of England and the European Central Bank for direction in the base metals complex. "Gold would trade sideways for time being and resume its uptrend in the short-term," said Vikas Vaid, assistant vice-president with Asit C. Mehta Commodity Services. Gold may trade in the range of 14,610-14840 rupees, said Kunal Shah, associate vice-president with Nirmal Bang Copmmodities. Open interest for August gold on MCX was at 13,617 lots, down from 13,808 a day earlier. Volume on Wednesday was 47.09 kg.

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