Indian gold futures ease from 2-month high

(From Feb. 1, Reuters will no longer provide this report. Gold price movements are covered in our global gold market report GOL/ and physical trends in our weekly Asian spot market story GOL/AS.)

MUMBAI, Jan 28 (Reuters) - Indian gold futures eased from their highest level in two months, weighed by weak overseas leads and a stronger rupee.

* The most-active gold for February delivery MAUc1 on the Multi Commodity Exchange (MCX) was 0.92 percent lower at 29,525 rupees per 10 grams, falling from a high of 29,849 rupees, a level last seen on Nov. 20, 2013. Href="NewsSearch">GOL/

* Silver for March delivery MSVc1 was 1.38 percent lower at 44,596 rupees per kg on the MCX.

* The rupee, which strengthened on Tuesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal. Href="NewsSearch">INR/

* "Gold will continue to remain on downside due to FOMC meeting," said Madhu Nagraj, said an analyst with Karvy Comtrade.

* An improving economy prompted the Fed to announce a cut last month in its bond-buying stimulus by $10 billion, and the U.S. central bank is widely expected to make a similar reduction in a two-day policy meeting that begins on Tuesday.

* Selling is advised at 29,560/29,580 rupees, for a target of 29,410 rupees, with a stop loss at 29,680 rupees, said Nagraj.

* Indian gold imports may have fallen 70 percent in the final quarter of 2013 from 255 tonnes in the year-ago period and are expected to be half the usual levels at 500-550 tonnes in 2014 if new import rules are maintained, said a top trade body official. News Search ID:nL5N0JL2N5

* Following were the prices of gold and silver in rupees as of 1615 local time in the spot market, quoted by HDFC Bank:

Tuesday Monday

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Gold .999/10 grams 28,080 28,600

Silver .999/kg 44,629 45,370

(Reporting by Siddesh Mayenkar; Editing by Anupama Dwivedi)

((siddesh.mayenkar@thomsonreuters.com)(+91-22-61807163)(Reuters Messaging: siddesh.mayenkar.thomsonreuters.com@reuters.net))

Keywords: MARKETS INDIA PRECIOUS/