NEW DELHI: Gold prices in India, the world's biggest buyer of bullion, drifted lower on Wednesday on global cues and as the rupee retreated from two-month lows touched against the dollar earlier in the day.
* At 1213 GMT, the most active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.06 percent lower at 31,728 rupees per 10 grams.
* The rupee, which closed little changed against the dollar, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* "Overall, the market is bullish. But there has been some easing of demand compared with the pre-Diwali period," said a dealer with a state-run bank.
* The run up to Diwali - the festival of lights - which India celebrated on Nov. 13, coupled with the wedding season demand had pushed up prices in the recent past. The wedding season demand will taper off in December.
* Overseas gold inched lower on Wednesday as the dollar firmed after Greece's lenders failed to strike a debt deal for the country, although sentiment for bullion remains supported by expectation of continuous monetary easing by central banks.
* Silver bucked the trend. Silver for December delivery on the MCX was 0.15 percent higher at 61,630 rupees per kg.
* The following were the bid prices of gold and silver in rupees at 1:15 p.m. in the spot market, quoted by HDFC Bank.
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