MUMBAI, Sept 27 (Reuters) - Gold importers in India, the world's biggest buyer of the metal, waited for prices to fall further as the yellow metal was trading near its lowest level in more than three weeks due to a stronger rupee, offsetting firm global markets. * At 0848 GMT, the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.18 percent lower at 31,254 rupees per 10 grams, after hitting a low of 31,213 rupees, a level last seen on Sept. 3, due to a firmer rupee. * "Levels of 31,200-31,300 look attractive... from a hedging perspective, the rupee has gained bullion players' confidence," said a dealer with a private bank importing bullion. * The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal. * Global gold edged up from its two-week low, but a stronger dollar capped the gains. * The festival and wedding season is underway in India, and will continue till November, before tapering off in December. * Gold imports to India are likely to fall by as much as 26 percent, or by 200 tonnes to 250 tonnes, in 2012 as record high prices hit consumer budgets. * Silver futures also edged lower following the yellow metal. * The most-active silver for December delivery on the MCX was 0.14 percent lower at 62,570 rupees per kg. * Following were the prices of gold and silver in rupees at 1:15 p.m., quoted by HDFC Bank in the spot market : Thursday Wednesday ============================================= Gold .999/10 grams 31,425 31,670 Silver .999/kg 63,624 63,580 At 2:17 p.m., following were the prices in rupees on the Multi Commodity Exchange of India Ltd <0#MAU:>: Contract Current price Net change ============================================= Oct gold 31,254 -56 Dec silver 62,545 -111

Source