Gold traders in India are well known world's biggest buyer of bullion, were indisposed to enter the market on Friday because prices remained elevated, though off their 10 week highs.The most-active gold for April delivery on the Multi Commodity Exchange (MCX) was at Rs 28,796 per 10 grams, 0.49% lower from the 10-week high of Rs 28,454 hit in the earlier session.
"The market is stagnant since prices are holding well above Rs 28,120 level. Gold prices have moved up USD 40" Indian gold volumes have eased this week from the above-average physical response seen for most of the year to date.
Indian gold imports in 2012 could decrease by a fifth for the first time in three years to 780 tones as investors hunt better additions from equity markets and other financial instruments.
Silver also bordered upper following prices of copper.
Silver for March delivery on the MCX was 0.35% lower at Rs 58,963 per kg.