Gold slightly down on strong rupee

Gold traded a tad lower on Thursday, weighed by a stronger rupee amid steady overseas markets, with importers on the sidelines due to an inauspicious buying period due for next week.

* At 3:12 p.m., the actively traded gold for April delivery on the Multi Commodity Exchange (MCX) was Rs 29,645  per 10 grams, down 0.12 % due to a firmer rupee.

* The rupee, which traded firm on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* In the overseas markets, gold traded steady as a let up in worries over Cyprus's bailout checked the metal's sharp recent advances, while a pledge by the U.S. Federal Reserve to stick with its loose monetary policy lent it support.

* "Few deals are there but volumes are thin, as prices are up and gold is still above $1,600 (an ounce). Demand scenario will be dull as we are approaching towards the year-end," said a dealer with a private bullion dealing bank in Mumbai.

* The fiscal year runs from March to April, while wedding season will restart next month and continue until early June.

* Silver for May delivery on the MCX was 0.05 % lower at Rs 54,306  per kg.