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India gold prices fell over 3 percent on Monday afternoon, tracking weak overseas markets, triggering physical demand ahead of a key festival next week, dealers said.India, the world's largest consumer of the precious metal, celebrates Akshaya Tritiya on May 16, when it is considered auspicious to buy the yellow metal for lasting prosperity.Jewellers are buying for Akshaya Tritiya now after a gap of many days, we could see further 200 kgs getting booked if prices fall below $1,180, said a dealer with a state-run bank in Mumbai.The most-traded gold June contract on the Multi Commodity Exchange was trading 2.79 percent 17,433 rupees per 10 grams, after hitting a low of 17,358 rupees earlier.International gold, which guides the domestic markets, was trading at $1,189.75/1,190.55 an ounce as against the previous close of $1,207.75/1,208.75.Gold slipped as the market digested news of an emergency package to stabilise markets and allay the Greek debt crisis that has threatened the euro and euro-zone unity.Some Jewellers are still waiting for a fall of more than over 4 pct..., said Daman Prakash, director with Chennai-based wholesaler MNC Bullion. A strong rupee, which made the dollar-quoted yellow metal cheaper, helped sentiment.The Indian rupee was trading stronger with the dollar's losses against major currencies and over 2 percent gains in domestic shares helping sentiment.
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