MUMBAI Gold buying in India remained subdued, with negligible stocks of the yellow metal bought before the tax hike, while consumers waited for a price correction below support levels.
* Weddings and festive season have started in India, the world's biggest buyer of the metal, but the government plans to restrict gold buying by announcing more measures in addition to a 50 percent hike in import duty to keep a lid on its bloating current account deficit.
* Traders had accumulated stocks, when the finance minister hinted of a duty hike on January 2, and later raised the duty on January 21.
* "Activity is happening, but not in a huge way after yesterday's rebound. Prices are holding the 30,000 rupees level and the market is expecting a correction below the support level, triggered by shift from gold to currencies and equities," said a dealer with a private bullion importing bank in Mumbai.
* The actively traded gold contract for April delivery on the Multi Commodity Exchange (MCX) was 0.03 percent lower 30,771 rupees per 10 grams.
* A slightly stronger rupee weighed on prices of the yellow metal. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Silver contract for March delivery on the MCX was 0.21 percent higher at 58,543 rupees per kg.
(Reporting by Siddesh Mayenkar; Editing by Anand Basu)
Wall Street flat as investors look for clues on rates
Wall Street was little changed on Tuesday morning as investors looked for catalysts to drive the markets while keeping one eye on clues for the timing of the next interest rate hike.
Gold slips as focus shifts to U.S. payrolls data
LONDON Gold fell on Tuesday after Federal Reserve officials sounded a hawkish note on interest rates, boosting the dollar, while attention turned to U.S. payrolls data this week for further clues on the pace of rate hikes.
Oil prices rise on U.S. weather fears, OPEC speculation
LONDON Oil futures rose on Tuesday supported by production suspensions in the U.S. Gulf due to an expected tropical storm and speculation that producers meeting in Algeria next month will act to prop up prices.