Gold futures stay near one-week low

MUMBAI (Reuters) - Gold futures in India stayed near their lowest level in a week on Thursday weighed by global leads, though a weaker rupee kept the downside in prices limited.

* The most-active gold for February delivery on the Multi Commodity Exchange (MCX) was 0.11 percent lower at 28,988 rupees per 10 grams at 4:58 p.m., after hitting a low of 28,865 rupees in the previous session, a level last seen on January 10.

* Silver for March delivery on the MCX was 0.75 percent lower at 44,448 rupees per kg.

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

* Global gold edged lower, as a rally in equity markets and increasing optimism over global economic growth dented its appeal as an alternative investment and made it vulnerable to further losses.

* In the physical market, jewellers were battling to get stocks to meet demand for the yellow metal post a good harvest season amid steady premiums.

* "Premiums are steady at $120 (an ounce) and buying is very slow," 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.

* 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 Sunil Nair)