RTRS: UPDATE 1-India gold higher, buyers switch to silver
* Spot gold up at $847.15 an ounce
* London Brent crude down at $74.12 a barrel LCOc1
* Rupee weaker at 48.43 per dollar * U.S. data - PPI and retail sales at 6 p.m., Beige Book on economic conditions at 11:30 p.m.
MUMBAI, Oct 15 (Reuters) - India's gold prices were higher on Wednesday on the back of firm overseas markets and a weaker rupee, dealers said adding demand was now shifting to silver, which had not risen as as much as gold.
"We have people wishing to sell gold... but everybody is into silver now," said Ajay Singh, proprietor of Kiran Jewellers in Jaipur.
Foreign gold, that guides the local market, was higher with equity markets turning lower and fears resurfacing over the outlook for the global economy.
In the local market, the rupee was weaker against the dollar as weak stocks triggered worries of capital outflows.
While gold remained close to its all-time high touched last week, silver saw modest gains.
Silver futures on the Multi Commodity Exchange of India Ltd's (MCX) continuation chart MSVc1, traded at 18,708 rupees per kg, way down from its all-time high at 27,500 rupees on March 17.
Dealers said gold buyers were eyeing a fall to around 12,500 rupees per 10 grams.
"At these prices I don't see people buying. The volumes of sales for Dhanteras will drop," said Bhavesh Soni of Kunal Jewellers, a jewellery wholesaler in Ahmedabad.
Dhanteras and Diwali, which fall in the last week of the month, should see consumers buying at least some gold and silver even if they do not find the prices attractive.
Following was the price of .995 gold in the spot market in rupees per 10 grams at 1:15 p.m. INBULL03:
