Gold futures ease from three-week high

MUMBAI (Reuters) - Indian gold futures eased on Monday after hitting their highest level in three weeks earlier on global leads, though a weaker rupee limited the downside, and domestic traders in the physical market awaited supplies.

* At 3:18 p.m., the most-actively traded gold for February delivery on the Multi Commodity Exchange (MCX) was 0.13 percent lower at 29,120 rupees per 10 grams. The contract earlier hit a high of 29,266 rupees, a level last seen on December 16.

* Silver for March delivery on the MCX was 0.6 percent lower at 45,200 rupees per kg.

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

* "We are declining orders as goods are not available... even if there is some quantity, they are quoting a high premium," said Harshad Ajmera, proprietor of JJ Gold House. Trading agencies were quoting a premium of $130 an ounce on London prices, he added.

* 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.

* To curb a rising trade gap, the Indian 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)