Gold reverses from two-month high

MUMBAI (Reuters) - Indian gold futures pulled back from their highest level in two months in line with overseas markets, though the rupee, which traded near its record low, limited the downside.

* At 2:43 p.m., the actively traded gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.8 percent lower at 27,788 rupees per 10 grams, reversing from a high of 28,288 rupees, a level last seen on April 13.

* In the physical market, seasonal slackness weighed on demand amid lower supplies after a ban on consignment imports.

* "There's no buying, there's no one importing as well," said Harshad Ajmera, proprietor of JJ Gold House in Kolkata. He said people are making use of the stocks lying with banks.

* The Indian government raised the import duty on gold to 8 percent after a ban on consignment imports by banks, state-run and premier trading houses.

* India's festival and wedding season has ended and will re-start in August.

* Silver for July delivery on the MCX was 1.33 percent lower at 43,576 rupees per kilogram. (Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)