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India gold futures edge lower on strong rupee
India gold futures were slightly lower on Friday, weighed by a strong rupee, which makes the dollar-quoted asset cheaper, analysts said.
The most-traded December gold contract was 0.22 percent lower at 16,559 rupees per 10 grams at 11:30 a.m. The contract had struck an all-time high of 16,677 rupees earlier in the week.
The Indian rupee strengthened to its highest in more than a week on Friday as traders sold dollars on gains in the local sharemarket and watched the U.S. unit's moves versus majors for direction.
Analysts said traders were awaiting U.S. jobs report for direction in the precious metals complex.
"Gold may trade sideways till the release of jobs data. Range seen is 16,480-16,660 rupees," said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
U.S. employers in October cut payrolls by the least amount in 14 months as the economy's resumption of growth boosted optimism, but the jobless rate rose to a fresh 26-year high, a Reuters survey predicts.
This is expected to shed light on the health of the world's largest economy.
Open interest for December gold on MCX was at 15,886 lots, down from 16,087 a day earlier. Volume on Thursday was 29.73 kg.
(Reporting by Siddesh Mayenkar; Editing by Harish Nambiar)
(For more news on Reuters Money visit http://www.reutersmoney.in)
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