Gold prices steady in India, importers seek correction

* The most-active gold for December delivery on the Multi Commodity Exchange (MCX) hit a high of Rs 31,149 per 10 grams before trading almost steady at Rs 31,080 by 1:54 p.m.

* "There are no deals as the rupee is on the higher side and even gold is holding higher up at USD 1,710 (an ounce)," said a dealer with a private bullion importing bank in Mumbai.

*"Sizeable corrections will enable the physical market," the dealer said.

* The festivals and weddings season, traditionally a time to buy gold, is underway in India. The festive season will peak next month with Dhanteras and Diwali.

* The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, weakened on Wednesday, supporting prices.

* Global gold edged up but was poised to snap a four-month winning streak, with investors staying on the sidelines ahead of key U.S. employment data and in the wake of Hurricane Sandy.

* Silver edged higher following trends in copper, another industrial metal, and gold. Silver for December delivery on the MCX was 0.48 percent higher at Rs 59,682 per kg.