MUMBAI, Dec 17 (Reuters) - India's gold futures traded above the 13,000-rupees level on Wednesday, its highest level in more than two weeks, on international leads, and buyers kept to the sidelines on expectations of a price decline, traders said.
"Demand has totally dried up," said a dealer with a private bank in Mumbai.
Clients are unwilling to place even advance orders due to volatility in prices, he added.
Benchmark February gold MAUG9 has gained 1.5 percent since the start of the month and prices have moved in a wide 11,952-13,092 rupee band.
At 2:21 p.m., Comex February gold GCG9 was 1.52 percent up at $855.5 an ounce, drawing strength from a weak dollar and strong crude oil. Dealers said some spurt in demand could be seen only if gold prices go below $800 (an ounce) levels.
High prices are keeping buyers away, said Lalit Musal, a manager at Jaipur-based Motisons Jewellers, adding "we might see some revival in demand by mid-January," when the second phase of the wedding season begins.
