Gold traders in India stay away due to weak rupee
* After a 50 percent import duty hike to 6 percent on Jan. 21, the Reserve Bank of India last week recommended putting curbs on imports, along with launching gold-linked products to limit shipments. Wedding and festival season are currently underway in India.
* The actively traded contract gold for April delivery on the Multi Commodity Exchange (MCX) was 0.07 percent lower at 30,793 rupees per 10 grams.
* "Not many deals are happening as the rupee depreciated on opening and gold is holding steady... People are still bearish on prices of gold," said a dealer with a state-run bullion dealing bank in Mumbai, adding "the situation might last for this week if prices don't correct."
* The rupee, which traded weaker, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* In the overseas market, gold edged up despite a volatile euro on Monday, with thin trade due to the Lunar New Year break exaggerating movements.
* The most-traded silver contract for March on the MCX was 0.02 percent lower at 58,234 rupees per kg.
* The following were the prices of gold and silver in rupees as of 1.11 p.m. local time in the spot market, quoted by HDFC Bank.
Monday Friday
Gold .999/10 grams 30,870 30,890
Silver .999/kg
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