(Reuters) - Indian gold traders picked up bargains in low volume trading on Wednesday as prices extended their fall for the fifth session in a row to hit their lowest level in three weeks, though a weaker rupee kept the losses in check.
* The most-active gold for June delivery was 0.62 percent lower at 28,473 rupees per 10 grams, after hitting 28,453 rupees, its lowest since April 17.
* The yellow metal has shed 3 percent since May 1, triggering buying by traders in the middle of the wedding season, that will last till May 15.
* "It (gold buying) is slightly better compared to previous week due to correction in prices," said Ketan Shroff, director, Pushpak Bullion, a wholesaler in Mumbai.
* On Wednesday, Indian buying was about twice the daily average volumes, its strongest since April 17, said the UBS.
* A weaker rupee kept the downside in prices limited. The rupee, which has depreciated 6 percent since January 31, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* "The ongoing weakness in the rupee is creating an obstacle, and generally this market is looking for a more substantial move sub $1600 (an ounce)," UBS' analyst Edel Tully said in a note to their clients.
* The wedding season in India will taper off in mid-May, ushering in the lull gold consumption season which will last until after the monsoon season from June through September.
