India Gold Futures Up, Silver Down

India gold futures rose by more than half a percent Wednesday to hit their highest level in two weeks on firm global leads fanned by a weaker rupee at home.

* Silver traded down following sharp declines in copper, the other industrial metal.

* The most-traded gold for December delivery on the Multi Commodity Exchange was 0.56 percent higher at 28,824 rupees per 10 grams, after hitting a high of 28,905 rupees, a level last seen on November 17.

* The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

* Silver for December delivery was down 0.17 percent at 54,874 rupees per kg.

* Rising prices of the yellow metal by as much as 0.8 percent pushed physical traders to the sidelines, who sought to stock for the wedding season in India, the world's biggest consumer of bullion. Weddings will last through December.

* The rupee weakness has increased gold costs... If prices fall to 28,500 (rupees) there could be good buying, said Harshad Ajmera, proprietor of JJ Gold House in Kolkata.

* Silver imports to India would be marginally lower in 2011 from last year's 3,030 tonnes as traders are uncomfortable with prices ruling above 50,000 rupees per kg, a senior official at ScotiaMocatta said.