(Reuters) - Gold traders in India were hesitant to place deals in a slack demand period even as prices edged lower weighed by a stronger rupee and weak overseas markets.
* At 0949 GMT, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.41 percent lower at 29,874 rupees per 10 grams.
* Indian rupee, which traded firm on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* COMEX gold for August delivery was down 0.51 percent lower at $1,570.3 an ounce.
* Traders in India are waiting for monsoon rains to pick up, which is vital to farm productivity and profits. Rural areas contribute to about 60 percent of gold imports.
* "Fresh imports are not happening as prices are still near 30,000 rupees," said Mayank Khemka, managing director, Khemka Group, a gold wholesaler in Delhi.
* However, there could be a pick up in imports in the second half of the year, if record prices ease but annual volumes will still fall about 30 percent after a tax hike, which could crimp demand until 2014, the Bombay Bullion Association head said.
* India's crucial monsoon rains were again below average last week and failed to cover as much of the country as they should have, the weather office said.
* Silver also followed the yellow metal.
* Silver for July delivery on the MCX was 0.28 percent lower at 52,620 rupees per kg.
At 1:15 p.m., following were the prices in rupees quoted by HDFC Bank in the spot market :
Thursday Wednesday
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Gold .999/10 grams 30,130 30,144
Silver .999/kg 54,440 54,386
At 3:07 p.m., following were the prices in rupees on the Multi Commodity Exchange of India Ltd <0#MAU:>:
Contract Current price Net change
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Aug gold 29,878 -119
July silver 52,585 -187 (Reporting by Siddesh Mayenkar; Editing by Gopakumar Warrier)
