MUMBAI, Nov 7 (Reuters) - India gold reversed early losses to trade higher in line with overseas markets and domestic demand turned moderate ahead of the wedding season, dealers and jewellers said.
"The local demand is moderate, but the supply is quite low," said Kishore Zaveri, a leading Ahmedabad-based jewellery manufacturer and gold importer.
India, the world's largest gold consumer, imports majority of its requirements.
Traders are taking advantage of low prices after seeing record prices of above 14,000 rupees, a dealer at a private bank said.
The benchmark December contract MAUZ8 has fallen around 2,700 rupees from an all-time high of 14,320 rupees per 10 grams hit on Oct. 10.
Foreign gold, that guides the local market, bounced on Friday after the dollar turned lower and buying by jewellers emerged but weaker equities could still spur selling in the bullion, which this week posted its biggest daily percentage gain in more than a month. See [ID:nSP38100]
A weak rupee made the dollar-denominated asset expensive locally.
