India gold futures higher tracking foreign markets

MUMBAI, Sept 30 (Reuters) - India's gold futures were higher on the Multi Commodity Exchange of India Ltd (MCX) on Tuesday on continuing financial worries after U.S. lawmakers rejected a bailout plan to rescue troubled financial companies, analysts said.

"The defeat of the plan has led to further uncertainties," said Harish Galipelli, head of research at Karvy Comtrade Ltd. "So sentiments surrounding gold is bullish."

Foreign gold, that guides the local market, slipped slightly after extending a 5 percent rally from the previous day amid volatile trade, but the slide in global markets boosted the metal's appeal as an alternative investment.

Analysts said local futures had the possibility of testing its all-time highs.

"If gold breaks 13,500 rupees per 10 grams, then a new high can be seen today," said Dharmesh Bhatia, senior technical analyst at Kotak Commodity Services Ltd.

December gold on the MCX was expected to range between 13,796 rupees and 13,409 rupees during the day, Bhatia said.

On the continuation charts of MCX MAUc1, gold had touched its highest point at 13,764 rupees on July 15. Open interest for December gold was at 9,392 lots, up from 9,235 on Monday. Volume on the previous day was at 30.29 kg. Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 10:53 a.m. <0#MAU:>:

Contract Current price Net change

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