Gold traders in India, the world's biggest buyer of bullion, were reluctant to enter the market on Friday as the prices remained elevated, though off their 10 week highs.
* The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was at 28,785 rupees per 10 grams, 0.44 percent lower from the 10-week high of 28,944 rupees hit in the previous session.
* The market is still dull as prices are holding well above 28,000 rupees level. Gold prices have moved up $40 (an ounce) in just sessions, so people will take time to digest these prices, said Pinakin Vyas, assistant vice-president with gold importing IndusInd Bank.
* Indian gold volumes have eased this week from the above-average physical demand seen for most of the year to date, UBS said in its daily note to clients. UBS is a major supplier of gold to India.
* A stronger rupee weighed on prices in the local market. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Indian gold imports in 2012 could fall by a fifth for the first time in three years to 770 tonnes as investors chase better accruals from equity markets and other financial instruments.
* Silver also edged higher following prices of copper.
* Silver for March delivery on the MCX was 0.30 percent lower at 58,853 rupees per kg.