RTRS: India gold futures recover as weak rupee supports
MUMBAI, July 17 (Reuters) - India gold futures recovered from their previous day's losses on Friday supported by a weak dollar, that makes the dollar-quoted asset expensive, analysts said.
The most active August contract MAUQ9 was 0.34 percent higher at 14,767 rupees per 10 grams at 10:41 a.m., after hitting a high of 14,783 rupees.
The Indian rupee fell for the second straight day as dollar demand from state-run banks for oil and defence-related import payments outweighed expectations for foreign fund flows into shares. See [ID:nBOM89481]
"Gold may trade extremely sideways with a positive bias. The maximum upside seen is 14,800 rupees," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
Open interest for August gold on MCX was at 13,452 lots, up from 13,339 a day earlier. Volume on Thursday was 24.72 kg.
Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 10:41 a.m. <0#MAU:>:
