UPDATE 1-India gold softer, but demand elusive
(Updates to trends in the physical market)
* Spot gold up at $843.40 an ounce XAU=
* London Brent crude up at $79.95 a barrel LCOc1
* Rupee stronger at 47.765 per dollar INR=IN
MUMBAI, Oct 14 (Reuters) - India's gold prices eased slightly on Tuesday on a stronger rupee but consumers were unmoved, expecting more falls ahead, dealers said.
A stronger rupee against the dollar affects gold as most of India's metal is imported and paid for in the U.S. currency.
"People have already bought at lower levels last month, now they will buy only when prices fall more," said Mayank Khemka of Khemka International Ltd, a trading company in New Delhi.
Consumers were also buying less, discouraged by prices near last week's all-time high, as well as the volatility, said a retailer.
"Only if prices remain below 12,000 rupees per 10 grams, we will see some pent-up demand surfacing," said Sanjeev Agarwal, managing director of Reva Corp Ltd, a multi-city jewellery chain. Continued...
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