Gold importers wait for more price weakness

Gold importers in India, the world's biggest buyer of the metal, sought bigger price falls even as a stronger rupee weighed on the yellow metal.

* Gold imports could slow in March due to tight liquidity ahead of the fiscal year-end. The wedding season, which pushes up demand, will re-start in April and continue till early June.

* At 3:25 p.m., the actively traded gold for April delivery on the Multi Commodity Exchange (MCX) was 0.28 percent lower at Rs 29,586 per 10 gram.

* "There are not many deals as the market is expecting lower levels. The rupee could appreciate from here so that way gold could be cheaper," said a dealer with a state-run bank in Mumbai.

Also read: Spot gold prices trading lower in major cities India

* The rupee, which reversed from its lowest level in two months on Monday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* Silver premiums fell by up to 30 percent to 4-5 cents due to lack of demand.

* Silver for May delivery on the MCX was 0.35 percent higher at Rs 55,011 per kg.