RTRS: India gold futures a tad higher on weak rupee
MUMBAI, June 11 (Reuters) - India gold futures traded slightly higher on Thursday, supported by a weak rupee, that makes the dollar-quoted asset expensive, analysts said.
The most active August contract MAUQ9 was 0.30 percent higher at 14,639 rupees per 10 grams at 11:13 a.m..
The Indian rupee weakened mirroring losses in other regional peers and weighed by rising oil prices and choppy local shares. See [ID:nBOM96671]
"It would behave sideways for now," said Gnanasekar Thiagarajan, director, Commtrendz Research.
"It might correct to 14,200 in the short-term on a strong dollar," said Thiagarajan.
Investors would also await the U.S. data to be released later like retail sales for May and weekly jobless claims for direction in the precious metals complex.
Gold may trade in the range of 14,500-14,740 rupees, said Kunal Shah, assistant vice-president, Nirmal Bang Commodities.
Open interest for August gold on MCX was at 14,638 lots, down from 14,886 a day earlier. Volume on Wednesday was 42.66 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 11:13 a.m. <0#MAU:>:
