India gold slipped from its morning high on Wednesday, as investors chose to take profits after a rally that took it to a more than two months high triggered by safe haven buying, but traders hoped for bigger falls to stock up for weddings, dealers said.
* The most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.08 percent lower at 28,757 rupees per 10 grams, reversing from an earlier high of 28,830 rupees, a level last seen on Sept. 6.
* Physical buying stayed weak as prices were still in the vicinity of the 2-month high, and traders waited for better bargains.
* Buying is poor as prices are still high... any correction in price will see buying from India re-emerge, said a dealer with a private, bullion-importing bank in Mumbai.
* The wedding season -- traditionally a time of strong demand for gold -- will continue into December in India, the world's biggest buyer of bullion.
* Firm global leads and a weaker rupee kept the downside in prices limited, dealers said.
* The rupee fell to its lowest in more than two weeks on Wednesday after a large company bought dollars, while choppy shares provided little comfort.
* Global gold inched up on fears the euro zone debt crisis could engulf Italy, despite news that Prime Minister would resign, which was initially seen as clearing the way for a new leader to act more aggressively to tackle the country's debt problems.
* Berlusconi said he would leave office after parliament approved a budget law that included reforms demanded by Europe as Italy's failure to fix its debt problems would have a far bigger impact on the euro zone than difficulties in Greece.