Gold importers in India, the world's biggest buyer of the metal, retreated on Wednesday after picking up bargains in previous sessions as prices gained close to half a% to hit their highest level in a week. At 0852 GMT, the most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.29% higher at Rs 31,413 per 10 grams, after hitting a high of Rs 31,460 a level last seen on October 1, helped by a weaker rupee. The rupee, which weakened past Rs 53 to hit a near two-week high, plays an important role in determining the landed cost of the dollar-quoted yellow metal. "Deals are there, but not in a big way, as gold has moved up after the currency depreciated heavily," said a dealer with a private bullion-dealing bank, adding "the (buying) momentum is slow this week." The festival and wedding season will start picking up in late October and peak next month during Diwali and Dhanteras, traditionally occasions for buying gold. Silver for December delivery on the MCX was 0.03% higher at Rs 61,692 per kg.

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