Indian gold price eases further from three-week high

Written by Reuters | Mumbai | Updated: Jan 8 2014, 00:32am hrs
Gold PriceOn COMEX, February gold was down 0.08 percent at $1,237 an ounce (Reuters)
Gold price futures in India eased further from their highest level in three weeks, in line with global markets, though a weaker rupee limited the downside.

* The actively traded gold for February delivery on the Multi Commodity Exchange (MCX) was 0.22 percent lower at 28,910 Indian rupees per 10 grams at 1033 GMT, down from a high of 29,276 in the previous session, a level last seen on Dec. 16.

* Silver for March delivery on the MCX was down 0.41 percent at 45,185 rupees per kg. * Buying a new car Prices for all models at your service!

* On COMEX, February gold was down 0.08 percent at $1,237 an ounce.

* The Indian rupee, which weakened on Tuesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* "Supplies are available to limited players and not all," said Haresh Soni, chairman of the All India Gems and Jewellery Trade Federation, adding premium was up to $130 an ounce on London prices.

* Indian gold imports may fall 70 percent in the final quarter of 2013 from 255 tonnes in the year-ago period and are expected to be half the usual levels at 500-550 tonnes next year if new import rules are maintained, a top trade body official said.

* To curb a rising trade gap, the Indian government slapped a record import duty of 10 percent, and tied imports for domestic consumption with exports. However, the government has indicated easing of restrictions to check smuggling.

* Following were the prices of gold and silver in rupees as of 1315 local time in the spot market, quoted by HDFC