MN: India gold futures edge higher on dollar, crude
MUMBAI (Reuters) - India gold futures edged higher on Monday supported by a weak dollar overseas, coupled with rising crude oil, spurring inflationary concerns, analysts said.
The most-active August gold contract was 0.19 percent higher at 14,929 rupees per 10 grams at 11:22 a.m.
"Dollar, crude oil, along with traders interest, is in favour of gold," said Debjyoti Chatterjee, associate vice-president with ADMISI Commodities in Mumbai.
The dollar hovered near recent lows against the euro, weighed down by a recovery in risk appetite as stock markets in the region added to their recent gains.
Oil rose towards $69 a barrel as optimism of a global economic recovery later this year, countered tepid fuel demand.
Gold is considered as an alternative investment to the U.S. currency, and a safe hedge against inflation.
"The bullish momentum is likely to continue in gold and may test 15,360 (rupees) later in the week," added Chatterjee.
Gold may trade in the range of 14,850-15,000, said Abhishek Chauhan, technical analyst, Angel Commodities.
Open interest for August gold on MCX was at 11,571 lots, up from 11,477 a day earlier. Volume on Saturday was 1.00 kg.
