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Friday August 28, 12:30 PM
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India gold edges higher on rising crude
MUMBAI (Reuters) - India gold futures edged higher on Friday morning following rising crude oil, enhancing the yellow metal's appeal as a hedge against oil-led inflation, analysts said.
The most-traded August gold contract was 0.17 percent higher at 15,051 rupees per 10 grams at 10:54 a.m., after hitting a high of 15,056 rupees.
"Gold would trade with a positive bias on rising oil prices, it may be in the range of 14,985-15,120 rupees," said Krishna Reddy, an analyst, Way 2 wealth Securities.
U.S. crude oil extended gains towards $73 a barrel helped by a late rebound on Wall Street and a weaker dollar. It remains close to the 10-month high of $75 touched this week.
"If it breaches 15,085 rupees, then the next level to watch out for would be 15,150/15,200," said Abhishek Chauhan, technical analyst, Angel Commodities.
Open interest for October gold on MCX was at 14,928 lots, up from 14,847 a day earlier. Volume on Thursday was 20.48 kg.
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