MUMBAI: India gold futures recovered partially to trade flat on Wednesday afternoon, after falling for two consecutive session from Saturday's record high, triggering frantic buying from physical traders ahead of Akshaya Tritiya festival on Friday. "I must have sold 700-800 kgs from Monday. Since the prices are flat today, they are still on buying side," said a dealer with a state-run bullion importing bank in Mumbai. The most-traded gold for June delivery on the Multi Commodity Exchange (MCX) was trading 0.05 percent higher at 22,385 rupees per 10 grams at 3:28 p.m. The contract had shed more than 2 percent in the previous two sessions from the record high of 22,428 rupees struck on Saturday. Though a stronger rupee weighed on sentiment, analysts said. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars. The Indian rupee recouped all intraday losses in afternoon trades and rose on Wednesday tracking gains in the common European unit. Dealers said traders also bought silver in huge quantities as an alternative to expensive gold. "I must have booked 3 tonnes of silver in the past week. They all want alternatives to gold," said the dealer. India, the world's biggest buyer of bullion, will celebrate a gold buying festival on Friday, followed by the wedding season that will last through May. The country had imported more than 900 tonnes last year.

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