Gold down over 1 pct

India gold futures fell by more than 1 percent on Monday morning weighed by a strong rupee,which hit its highest level in more than a month,analysts said.

The most-active August contract was trading 0.57 percent lower at 18,741 rupees per 10 grams at 10:14 a.m.,after hitting a low of 18,600 rupees,but well off its all-time high of 19,198 rupees struck on June 8.

The Indian rupee rose to its strongest level in more than a month after China said over the weekend it would let its currency appreciate gradually in a move the markets have long awaited.

A strong rupee makes the dollar-quoted yellow metal cheaper for local buyers.