India Gold Futures’ Ease Fails to Attract Physical Players

India gold futures eased a tad from a 2-week high, weighed by a stronger Indian rupee, but the losses were not enough to attract physical players seeking to stock up for the wedding season, dealers said on Thursday.

* At 1:34 p.m., the most-active December gold on the Multi Commodity Exchange was 0.25 percent lower at 28,989 rupees per 10 grams, retreating from the previous session's two week high of 29,186 rupees, a level last seen on November 16.

* The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, surged to a near two-week high on Thursday. A stronger rupee makes the yellow metal cheaper.

* Physical traders were unwilling to get stuck with high priced stocks and waited for a price dip. Premiums charged on London prices stayed steady at $1-1.2 an ounce.

* Demand is okay... premiums seem steady, said a dealer with a private, bullion-importing bank in Mumbai.

* Wedding season will peak this month in India, the world's biggest buyer of bullion.

* Silver futures traded lower Thursday following overseas markets. The most-traded December silver on the MCX was down 0.40 percent at 55,300 rupees per kg.