Indian gold futures eased on Tuesday due to a stronger rupee amid steady overseas markets, while physical traders stayed on the sidelines seeking bigger falls as they prepare to stock for a key festival next month. India, the world's biggest buyer of the metal, will celebrate Akshaya Tritiya next month, the second-biggest gold buying festival after Dhanteras. Weddings have also started and will continue until July.
The actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 0.98 percent lower at 26,886 rupees per 10 gram at 0122 GMT, after hitting a two-week high of 27,447 rupees last week. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars. In the overseas market, gold edged lower as the dollar strengthened against the euro, while support from the physical market softened as major buyer China was on holiday.
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