11 MAR, 2011, 12.46PM IST,REUTERS

11 MAR, 2011, 12.46PM IST,REUTERS 
Gold edges up; physical demand retreats 
MUMBAI: Gold futures were a tad higher on Friday evening following overseas markets, but physical buying retreated after a brief pick-up in the previous session. 

"There were a few deals yesterday evening at $1,405-1,414 (an ounce), but today they are waiting for prices to settle down, I have orders below $1,405," said dealer with a state-run bank in Mumbai. 

The most-active gold for April delivery on the Multi Commodity Exchange of India was trading 0.23 percent higher at 20,883 rupees per 10 grams. The contract had struck a record of 21,274 rupees on March 7. 

The high-demand wedding season is underway in India, the world's largest consumer of the yellow metal. 

India's gold imports in Oct-Dec rose 30 percent to 265 tonnes.