MUMBAI (Reuters) - Gold hovered around its peak on Tuesday on global cues and a weaker rupee, with importers waiting for bargains to stock up for festivals.
* The most-active gold for October delivery on Multi Commodity Exchange (MCX) was 0.27 percent higher at 31,367 rupees per 10 grams by 3:54, after hitting a high of 31,384 rupees earlier in the session. The contract had hit a record high of 31,422 rupees on Monday.
* Overseas gold edged higher on Tuesday to the highest level in more than five months after lacklustre manufacturing data from around the globe fanned speculation of imminent easing measures from central banks.
* The rupee, which hit its lowest level in a week, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
* "Buying is zero... people will buy if prices fall to 30,000 rupees," said Haresh Acharya, head of bullion desk, Parker Bullion, a wholesaler in Ahmedabad.
* The festival and wedding season is underway in India, the world's biggest buyer of bullion, and will continue till November.
* Gold imports to India are likely to fall by as much as 26 percent, or by 200 to 250 tonnes, in 2012 as record high prices hit consumer budgets.
