MUMBAI:Gold futures eased on Tuesday afternoon from its record high weighed by a strongerrupee making the dollar-quoted yellow metal cheaper, but local traders were not enthused to stock for the upcoming festivals and sought more price falls. At 1:35 p.m., the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.43 percent lower at 23,131 rupees per 10 grams, easing from the previous session's record high of 23,358 rupees. "Demand is still subdued. If prices come to $1,600 (an ounce), people will start buying," said a dealer with a private-run bullion importing bank. The Indian rupee gained, supported by strong Asian peers and the dollar's weakness against major currencies, while traders said demand for the greenback from oil importers is likely to cap gains in the rupee. International gold held steady below its record high as investors waited to see if President Barack Obama's appeal for lawmakers to break a deadlock in U.S. debt talks would succeed, while the euro zone debt crisis lent support. Retail gold demand is expected to gain pace next month, when festival and wedding season start in the world's biggest consumer of bullion.

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