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Oct 01, 2012, 05.05 PM IST
Gold importers in India, the world's biggest buyer, booked the yellow metal in small quantities as traders took advantage of the lowest price levels since late August.
At 1:42 pm, the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.33 percent lower at Rs 31,097 per 10 gm, after hitting a low of Rs 31,062, a level last seen in late August, weighed by a stronger rupee and weak overseas markets.
"Demand is there in gold as it is the season, while it is zero for silver," said Haresh Acharya, head of the bullion desk at Parker Bullion, in Ahmedabad.
The festival season is underway in India and will continue till early December.
In overseas markets, gold drifted lower on Monday after posting its biggest quarterly rise in more than two years, tracking a weaker euro as Spain's struggle to control its finances worried investors.
The rupee, which traded firm on Monday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Silver also edged lower, falling for the third straight day.
Silver for December delivery on the MCX was 0.47 percent lower at Rs 62,485 per kg.
Tags: Gold, importers, lowest price levels, Multi Commodity Exchange , overseas markets, festival season
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