(Reuters) - India gold futures reversed from an early record high on Tuesday afternoon weighed by a stronger rupee, which made the dollar-quoted yellow metal cheaper, but traders sought bigger falls in prices to book deals ahead of the festival season next month.
* The most-traded gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.11 percent lower at 23,201 rupees per 10 grams at 2:46 p.m., reversing from its record of 23,320 rupees struck earlier.
* The rupee rose in afternoon trades aided by gains in domestic equities and the euro. The rupee plays an important role in determining the landed cost of dollar-quoted yellow metal.
* "There has been just 1-2 deals from morning as rates have gone up," said a dealer with a state-run bullion dealing bank in Mumbai.
* Overseas gold held steady below its record high, on course for a 12th straight day of gains, as growing sovereign debt worries on either side of the Atlantic continued to support sentiment.
