India gold may hit fresh highs
MUMBAI (Reuters) - India gold futures may hit a new record in early trade on Friday supported by a weaker rupee, making the dollar-quoted asset expensive, analysts said.
The benchmark December gold on the Multi Commodity Exchange (MCX) closed 1.6 percent higher at 17,998 rupees per 10 grams, after hitting a record high of 18,047 rupees.
The contract has risen by 7 percent since last week.
December gold is likely to open at 18,025 rupees per 10 grams, said Gnanasekar Thiagarajan, director, Commtrendz Research.
The Indian rupee fell weighed down by weak Asian shares following Dubai's debt problems.
Gold may target 18,100/18,120 later today, said Commtrendz's Thiagarajan.
Analysts maintain a bullish bias on the yellow metal on recent weakness in dollar and the central bank's intention to diversify into the yellow metal.
"We still have a bullish view on gold, range expected is 17,900-18,200 rupees," said Aurobinda Prasad, head of research, Karvy Comtrade.
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