MUMBAI (Reuters) - India gold traders held back purchases on Monday, awaiting a sharper fall in prices, which eased from the previous session's one-month high, while a weaker rupee also weighed on demand. * The most-active gold for February delivery on the Multi Commodity Exchange (MCX) was trading 0.23 percent lower at 27,927 rupees per 10 grams, easing from a month's high of 28,084 rupees hit on Friday. * "Volumes (in the physical segment) are very thin since morning," said a dealer, adding "They are looking for a correction to $1,680/1,690 (an ounce)". * Global gold ticked lower on Monday after earlier rising to its highest in more than seven weeks. * The rupee, which weakened on Monday, plays an important role in determining the landed cost of the dollar-quoted yellow metal. * Silver also fell tracking the yellow metal. Silver for March delivery on the MCX was 1.04 percent lower at 56,634 rupees per kg. (Reporting by Siddesh Mayenkar; Editing by Aradhana Aravindan) ( Enjoy Moneycontrol.com on iPad and be prepared for a fantastic experience. Get real time stock quotes, interactive charts, market buzz, and watch CNBC-TV18, CNBC Awaaz live on your iPad. Check out the free moneycontrol app. Click here to download now )

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