Gold futures extend losses to one-week low

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.

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)