MUMBAI (Reuters) - Gold traders in India stayed on the sidelines on Tuesday as prices hit their highest level in more than a month after the central bank linked imports to export volumes.
At 1142 GMT, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.09 percent higher at 27,585 rupees per 10 gram, after hitting a high of 27,668 rupees, a level last seen on June 20.
"People are managing with old stocks and there won't be any problem this week," said Mayank Khemka, managing director of Khemka Group of Cos, adding demand has been muted.
Khemka said the central bank's import measures would create shortage of the yellow metal in India from next week.
The Reserve Bank of India moved to tighten gold imports again on Monday, making them dependent on export volumes with an eye to reducing a record current account deficit, but offered relief to domestic sellers by lifting restrictions on credit deals.
Silver for September delivery on the MCX was 0.79 percent lower at 41,901 rupees per kg.
The following were the prices of gold and silver in rupees as of 1615 local time in the spot market, quoted by HDFC Bank:
Tuesday Monday
(Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)
