MUMBAI (Reuters) - Gold futures eased to their lowest level in a week, in line with overseas markets and a stronger rupee.
The actively traded gold for February delivery on the Multi Commodity Exchange (MCX) was 0.27 percent lower at 28,755 rupees per 10 grams at 6:00 p.m. It earlier hit a low of 28,710 rupees, a level last seen on January 2.
Silver for March delivery on the MCX was 1.23 percent down at 43,970 rupees per kg.
Global gold eased for a second session as equities inched higher on optimism over U.S. economic growth, curbing bullion's safe-haven appeal.
The rupee, which traded stronger, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Indian gold imports may fall 70 percent in the final quarter of 2013 from 255 tonnes in the year-ago period and are expected to be half the usual levels at 500-550 tonnes next year if new import rules are maintained, a top trade body official said.
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To curb a rising trade gap, the government slapped a record import duty of 10 percent, and tied imports for domestic consumption with exports.
(Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)