Weddings in India, the world's biggest buyer of the metal, are slated to start later this week and continue until May.

"Wedding season demand is there in the market as prices are in the same range and reasonably accepted in the market," said a dealer with a private bank in Mumbai.

The most-active gold for February delivery on the Multi Commodity Exchange (MCX) was 0.03 percent lower at 30,860 rupees per 10 grams at 0855 GMT. Helped by a weaker rupee and global leads, it had hit a high of 30,934 rupees, a level last seen on Jan. 11, earlier in the session.

The rupee, which was weaker on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

Gold in the overseas market edged higher towards a near two-week high hit in the previous session on expectations easy global monetary policies will continue.

Silver for March delivery was 0.20 percent lower at 59,342 rupees per kg, after hitting a high of 59,630 rupees, a level not seen before Dec. 20.