India gold may hit fresh record

India's gold futures may extend gains to hit a fresh record on Friday on the back of a weak dollar, enhancing the yellow metal's appeal as an alternative investment, analysts said.
                                           
The benchmark December gold  last closed 0.4% higher at Rs16,012 per 10 grams, after hitting a fresh record of  Rs16,050, erasing the previous all-time high of  Rs16,048. The contract had gained about 2% in the previous six sessions.
                                           
December gold is likely to open at Rs16,035/16,045 per 10 grams, said Gnanasekar Thiagarajan, director, Commtrendz Research.
                                           
"Gold would trade firm and might go on to make another record due to dollar weakness," said Thiagarajan. "The maximum upside seen would be Rs16,200/16,225."
                                           
The dollar ground to its latest low for the year against the euro as the market took aim at options barriers, while sterling, a laggard in the broad rally against the dollar, rose ahead of UK growth data.
                                           
"The range seen for the day is Rs 15,960-16,100 rupees," said Abhishek Chauhan, an analyst with Angel Commodities.