MUMBAI: India gold futures are likely to tread higher this week, tracking the yellow metal's global rise, as well as demand locally in the on-going wedding season, dealers and analysts said on Monday. A weak dollar may enhance the precious metal's appeal as an alternative investment, pushing it higher, they added. Gold futures on the Multi Commodity Exchange (MCX) was trading at 20,110 rupees per 10 grams, little changed from the previous close. Gold prices have gained 1.4 per cent so far this month. "A weaker dollar could help prices this week, a raft of data would also decide direction. Prices nay be in the range of 19,800-20,350 rupees," Pranav Mer, senior analyst with Mangal Keshav Commodities. US GDP data and minutes from the Federal Open Market Committee (FOMC) meeting held on Nov. 2-3 will be released on Tuesday, which will help gauge the health of the US economy, and direction in the dollar and yellow metal. Gold rose to a record 20,569 rupees per 10 grams in early November as resumption of Federal Reserve's bonds buying program stoked inflation worries. "Buying could be done in gold at 19,950/20,000 rupees, for a target of 20,420, maintaining a stop loss of 19,750 rupees," said Aurobinda Prasad, head of research, Karvy Comtrade. An uptick in physical demand from wedding buyers could also help positive sentiment. India's wedding season, which contributes to about 70 per cent of the total gold demand according to the World Gold Council (WGC), is currently underway in the country. In the quarter to September, India, the world's largest consumer of bullion, imported 214 tonnes, up 21.6 per cent from the same period last year, the WGC said.

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