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Gold importers stay away as prices recover
MUMBAI (Reuters) - Gold importers in India, the world's biggest buyer, stayed away from fresh deals for a second straight day as prices recovered partly from their lowest level in more than two weeks due to a weaker rupee, offseting slightly weaker global markets.
At 2:28 p.m., the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.20 percent higher at 31,462 rupees per 10 grams, recovering from Monday's two-week low of 31,272 rupees.
The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal. COMEX gold was 0.1 percent lower at $1,764.7 an ounce.
"Sales are nowhere equal to what it was last year," said Harshad Ajmera, proprietor of JJ Gold House. Buying could pick up if prices fall to 31,000-31,100 rupees, he added.
India is in the middle of the festival and wedding season, which will peak in November and taper off in December.
Gold imports to India are likely to fall by as much as 26 percent, or by 200 tonnes to 250 tonnes, in 2012 as record high prices hit consumer budgets.
Silver also traded higher following the yellow metal.
Silver for December delivery on the MCX was 0.18 percent higher at 62,429 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)
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