ndian gold edged higher on Friday, helped by global markets and a weaker rupee, with physical traders eager to book deals ahead of the festivals months.
* At 2:43 pm, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.26% up at Rs 29,234 per 10 grams.
* Overseas gold hovered near USD 1,580 per ounce as investors clung to hopes for more monetary easing from the US central bank after weak data in the previous session.
* The rupee, which weakened on Friday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* Gold imports into India have already witnessed a more than 50% drop, and continue to fall in coming quarters.
* "Demand has slowed down again... there could be offtake if prices fall to Rs 28,800," said Ketan Shroff, director with Pushpak Bullion, a wholesaler in Mumbai.
* A below-average monsoon could impact farm income. Most of the country's gold imports happen through rural areas.
* India's gold imports fell by over half in the June quarter and could slide by a third over the next three months as prices inflated by a weak rupee and a 4% import duty encourage traders to use scrap, a Reuters poll showed.
* Silver traded flat. Silver for September delivery on the MCX was 0.01% higher at Rs 52,676 per kg.
