RTRS: India gold extends gains as weak rupee supports
MUMBAI (Reuters) - India gold futures extended gains for a third straight day on Monday helped by a weak rupee that made imported yellow metal expensive, analysts said.
The most active August gold contract was 0.37 percent higher at 14,553 rupees per 10 grams at 11:19 a.m., after gaining 0.13 percent in the previous two sessions.
The Indian rupee extended losses after falling the most in four months last week, as banks bought dollars in anticipation of foreign fund outflows from local shares.
"Gold may remain sideways on absence of major data points," said Aurobinda Prasad, deputy manager-research, with Karvy Comtrade.
Gold may be in the range of 14,440-14,580 rupees, said B G Manjunath Prasad, a technical analyst with Way 2 Wealth Securities.
Open interest for August gold on MCX was at 12,717 lots, up from 12,393 a day earlier. Volume on Saturday was 0.88 kg.
