Gold edges higher, hits one-week high

Gold edges higher, hits one-week high

Mumbai: India gold futures edged up on Thursday to hit a one-week high, supported by a weak rupee, making the dollar-quoted asset expensive, analysts said.

The most-traded December gold contract was 0.29% higher at Rs15,995 per 10 grams at 10:57am, after hitting a high of Rs16,010 in early deals, a level last seen on 14 October.

The Indian rupee weakened, falling to its lowest in more than a week, as traders bought the dollar on the back of the US unit’s bounce from 14-month lows against a basket of currencies.

“We are maintaining a bullish view in gold and it may face tough resistance at 16,020 rupees," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.