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Gold futures edged down on Monday on a stronger rupee, though premiums stayed on the higher side due to lack of supplies.
At 0923 GMT, the most-active gold contract for February delivery was 0.27 per cent lower at 28,477 rupees per 10 gram on the Multi Commodity Exchange. Silver for March delivery was down 0.07 per cent at 43,975 rupees per kg.
The rupee, which strengthened on Monday, plays an important role in determining the landed cost of the dollar-quoted yellow metal. Premiums stayed steady at $140 an ounce on London prices.
"There has been no pick-up in demand, they (suppliers) have ample gold for exports, but nothing is available for domestic," said Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation. Indian gold imports may fall 70 per cent 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 said.
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