MUMBAI, Nov 5 (Reuters) - India's gold declined on Wednesday tracking weak global markets and domestic buyers picked up bargains ahead of the wedding season, dealers said.
"Demand has been good ever since prices slumped below the 12,000 rupees levels," said Prithviraj Kothari, director at Riddisiddhi Bullions Ltd.
However, there was a slight shortage of the yellow metal in the local market as jewellers were not receiving enough supplies due to the global liquidity crisis, he said.
India, the world's largest gold consumer, imports most of its requirements.
Some buyers are on the sidelines, anticipating further falls, said Ketan Shroff, director at Pushpak Bullions Pvt. Ltd.
The December contract MAUZ8 has fallen around 2,600 rupees from an all time high of 14,320 rupees per 10 grams hit in Oct.
Foreign gold, that guides the local market, eased as the dollar rose against a basket of major currencies, while crude slipped after surging 10 percent in the previous session. A strong rupee also pressured the local yellow metal.
