Mumbai: Gold importers in India, the world's biggest buyer, are retreating after picking up bargains last week as prices recovered from their lowest level in more than two months due to a falling rupee.

The most-active gold for December delivery on the Multi Commodity Exchange (MCX) rose 0.18 percent to 31,079 rupees per 10 grams, helped by a weaker rupee and global leads.

The contract recovered from the last week's low of 30,827 rupees, a level previously seen on Aug. 23.

"Few stray deals are there in the market due to a depreciating rupee, we haven't seen big volumes yet compared to last week," said a dealer with a private importing bank in Mumbai.

The festival season is underway in India and it will peak with Diwali and Dhanteras next month. Weddings also take place during this period.

The rupee, which fell past the keenly-watched 54 rupees per dollar mark on Monday, plays an important role in determining the landed cost of dollar-quoted yellow metal.

Global gold edged up after robust US economic data lifted prices in the previous session, but gains could be capped by a firmer US dollar.

Silver for December delivery on the MCX was 0.02 percent lower at 59,690 rupees per kg.

The following were the prices of gold and silver in rupees at 1:15 p.m. in the spot market, quoted by Corporation Bank.


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