Gold at one-month low; demand slightly up

MUMBAI (Reuters) - Gold demand in India, the world's top consumer of the precious metal, slightly improved on Friday as prices fell to their lowest in a month tailing losses in the world market.

* At 2:51 p.m., the benchmark October contract on the Multi Commodity Exchange (MCX) was 1.19 percent lower at 29,690 rupees per 10 grams. It hit a low of 29,636 rupees earlier in the day, a level last seen on August 16.

* "A few jewellers are comfortable in placing orders below 30,000 rupees. Some buyers are still on the sidelines expecting a further drop in prices," said a Mumbai-based dealer.

* In the overseas market, gold reversed early gains and fell to its lowest in more than a month on Friday as U.S. futures extended losses on fears the United States would curb its stimulus soon.

* The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal. It eased on Friday.

* India's gold imports are likely to be around $38 to $40 billion in the current fiscal year to March 31, 2014, down from last fiscal year's $53.8 billion, C. Rangarajan, economic adviser to the prime minister, said on Friday.

* Silver for September delivery on the MCX was 2.36 percent lower at 49,305 rupees per kg.

(Reporting by Rajendra Jadhav; Editing by Sunil Nair)

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