India gold traders stayed on the sidelines on Wednesday as prices extended gains for the fourth session in a row to hit the highest level in nearly three weeks, dealers said.
The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was 0.48% higher at Rs 28,516 per 10 grams, after hitting a high of Rs 28,520, a level last seen on February 3.
The contract had gained 1.11% in the previous three sessions.
"There is not much buying today as landed cost of Rs 28,500 is slightly expensive," said a dealer with a private gold importing bank in Mumbai.
A firm rupee limited the rise in prices, analysts said. The rupee plays an important role in determining the landed cost of dollar-quoted yellow metal.
Silver also extended gains following the yellow metal.
Silver for March delivery on the MCX was 0.33% higher at Rs 57,343 per kg.
