RTRS: India gold demand weak as prices near 7-mo high
* Spot gold up at $1,015.70 an ounce XAU=
* London Brent crude lower at $69.45 a barrel LCOc1
* Rupee strong at 48.275 per dollar INR=IN
MUMBAI, Sept 16 (Reuters) - India gold traders dettered from making fresh purchases on Wednesday as prices hit their highest level in seven months, nearing the keenly-watched 16,000-rupees mark, dealers said.
"There are no buyers, no one wants to get stuck with high-priced stocks," said Haresh Acharya, head of bullion desk, Ahmedabad-based wholesaler, Parker Agrochem.
The most-traded October contract MAUc1 was held within a striking distance of 16,000-rupees after a weak dollar overseas spurred buying in alternative assets.
The contract traded 0.37 percent higher at 15,935 rupees per 10 gram at 2:29 p.m., after hitting a high of 15,988 rupees, a level last seen on Feb. 21.
Traders were stationed on the sidelines seeking lower prices to stock up for festivals starting later in the month.
"I have plenty of advanced orders at $950 (an ounce)," said a dealer with a state-run bank.
India celebrates Dussera festival later this month and Diwali and Dhanteras in October, which is expected to revive sagging gold sales.
The World Gold Council's January to June figures show India's gold imports fell 55 percent to 126.7 tonnes from 282.3 tonnes a year earlier. [ID:nBOM395131]
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p.m. INBULL03:
Gold .999/10 grams 16,105 15,883
Silver .999/kg 28,890 27,720
Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 2:07 p.m. <0#MAU:>:
