RTRS: India gold edges lower tracking international cues
MUMBAI, June 19 (Reuters) - India gold futures edged lower on Friday, tracking weak international markets, and a firm rupee, analysts said.
A strong rupee makes gold, an imported commodity, cheaper, analysts said.
The Indian rupee rose on Friday after having fallen to 1-month lows in the previous session, as early gains in the local stock market and slight weakness in the dollar overseas boosted sentiment. see [nBOM451527]
"Gold is likely to trade range bound in today's trade ....there is no strong trigger to give definite directions..MCX gold will track rupee movements," said Amar Singh, head of research at Angel Commodities.
International gold remained vulnerable to a firm dollar which dampens the precious metal's appeal as an safe alternative.
Bullion has mostly traded within a range of $930-$940 this week, down about 5 percent from a three-month high of $989.80 marked earlier in June. See [nT99027]
"All eyes will be on the dollar movement and its impact on gold," said an analyst with Ventura Commodities Pvt Ltd.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 12:00 p.m. <0#MAU:>: