RTRS: UPDATE 1-India gold eases, buyers eye further declines
* Spot gold lower at $877.30 an ounce
* London Brent crude down at $43.10 a barrel LCOc1
* Rupee steady at 48.85 per dollar
* U.S. ISM for December at 1500 GMT [MI/DIARY]
MUMBAI, Jan 2 (Reuters) - India gold eased on Friday tracking a weaker crude oil, and buyers sought further price falls even as the holiday mood persisted, traders said.
"The (gold) market is quiet as of now as most of the traders are still in a holiday mood," said Dipen Mandalia, director with LKS Bullion, a gold wholesale trader in Ahmedabad.
On the price front there are violent fluctuations and also traders are afraid to stock gold at such high levels fearing that price correction would result in losses, Mandalia added.
The benchmark February contract MAUG9 eased after gaining around 1 percent in the past two trading sessions as weaker crude oil dimmed the yellow metal's appeal as a hedge against inflation.
Buyers will be keen to enter at 12,000-rupees-level, Mandalia added.
Traders said the inflow of scrap gold has eased as prices have declined from the high of about 13,800 rupees.
"It (the inflow of scrap) is lower today," said Jitendra Kantilal, partner at Jugraj Kantilal & Co., a Mumbai-based scrap buyer.
Scrap purchases so far on Friday have dropped by 60 percent compared with purchases earlier in the week, with sellers awaiting a further rise in prices, said Kantilal.
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p.m. INBULL03:
Friday Thursday
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Gold .999/10 grams 13,945 14,024
Silver .999/kg 18,870 19,088
Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 1:50 p.m. <0#MAU:>: