Gold prices fall; premiums steady

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Gold price futures edged lower by half a percent while silver fell more than a percent in line with overseas market. Gold price futures edged lower by half a percent while silver fell more than a percent in line with overseas market.
SummaryGold price futures edged lower by half a percent while silver fell more than a percent in line with overseas market.

Gold price futures edged lower by half a percent on Thursday, while silver fell more than a percent in line with overseas market, while premiums stayed steady in the physical market.

* At 1014 GMT, the most-active gold contract for February delivery on the Multi Commodity Exchange (MCX) was 0.59 percent lower at 29,285 rupees per 10 grams.

* Silver for March delivery on the MCX was 1.44 percent lower at 45,071 rupees per kg.

* "People are waiting for prices to fall further, and even supplies are short in the market," said Harshad Ajmera, proprietor of JJ Gold House, adding that premiums were steady at $120 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.

* To curb a rising trade gap, Indian federal government slapped a record import duty of 10 percent, and tied imports for domestic consumption with exports.

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