Gold futures fall in line with overseas markets

MUMBAI (Reuters) - Indian gold futures fell for a second straight day on Wednesday in line with overseas markets, and on a firmer rupee.

* The most-active gold for February delivery was down 0.31 percent at 29,151 rupees per 10 gram at 3:25 p.m. on the Multi Commodity Exchange (MCX), after losing 0.16 percent in the previous session.

* The contract had struck its highest level in more than a month at 29,390 rupees on Monday.

* Silver for March delivery was up 0.33 percent at 44,332 rupees per kg on the MCX.

* Overseas gold was trading near its lowest in a week, after sharp overnight losses on speculation about further cuts to U.S. stimulus measures and an improving outlook for the global economy.

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

* Premiums were steady in the physical market.

* "Premiums are at $110-115 an ounce as there is no excessive demand," said Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation.

* Indian gold imports may have fallen 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 in 2014 if new import rules are maintained, said a top trade body official.

(Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)