MUMBAI (Reuters) ? Gold traders in India, the world's biggest consumer of bullion, stepped up last minute purchases to stock for next week's festivals as prices fell for the fourth session in a row to their lowest level in more than six weeks.
* "Buying has started and come out in huge quantities," said Haresh Acharya, head of bullion desk, Parker Bullion in Ahmedabad.
* On Oct. 24, India will celebrate Dhanteras, a day considered auspicious to buy gold, followed by Diwali a few days later. The marriage season continues till December.
* "Market is very volatile and rupee is down sharply. There are good buy orders close to $1,600 (an ounce)," said a dealer with a state-run bullion importing bank in Mumbai.
* The most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.92 percent lower at 26,215 rupees per 10 grams, after falling to 26,103 rupees, a level last seen on Sept. 7.
* Gold fell 2 percent to $1,608.40 an ounce on Thursday as worries about Europe's escalating debt crisis spooked investors.
* A weaker rupee kept the downside in prices limited. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
* The Indian rupee dipped to a more than three-week low, tracking weak local shares and the euro, with persistent dollar demand from domestic oil companies and gold importers also dragging, dealers said.
(Reporting by Siddesh Mayenkar; Editing by Rajesh Pandathil)
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