MUMBAI (Reuters) - Indian gold futures eased from their highest level in two months, weighed by weak overseas leads and a stronger rupee.
The most-active gold for February delivery on the Multi Commodity Exchange (MCX) was 0.92 percent lower at 29,525 rupees per 10 grams, falling from a high of 29,849 rupees, a level last seen on November 20, 2013.
Silver for March delivery was 1.38 percent lower at 44,596 rupees per kg on the MCX.
The rupee, which strengthened on Tuesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
"Gold will continue to remain on downside due to FOMC meeting," said Madhu Nagraj, said an analyst with Karvy Comtrade.
An improving economy prompted the Fed to announce a cut last month in its bond-buying stimulus by $10 billion, and the U.S. central bank is widely expected to make a similar reduction in a two-day policy meeting that begins on Tuesday.
Selling is advised at 29,560/29,580 rupees, for a target of 29,410 rupees, with a stop loss at 29,680 rupees, said Nagraj.
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 Anupama Dwivedi)
