(Reuters) - Indian gold importers preferred to stay on the sidelines as prices hovered near its peak, and traders waited for U.S. Federal Reserve's decision on possible measures to stimulate the economy. * At 0735 GMT, the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.06 percent higher at 31,925 rupees per 10 grams, very near to previous session's peak of 32,043 rupees. * "We are waiting for the FOMC (U.S. Federal Open Market Committee) to speak tomorrow... everybody is on wait and watch," said Ketan Shroff, director, Pushpak Bullion, a Mumbai-based wholesaler. * The chances that the Fed would launch another round of quantitative easing this week have jumped after disappointing U.S. employment data, which pushed up spot gold on Friday to above $1,740 for the first time since the end of February. * Easy monetary policy benefits gold, which attracts investors worried about potential inflation risks associated with cash printing by the central bank. * India, the world's biggest buyer of bullion, celebrates Ganesh Chaturthi next week and festivals will continue till November. * Investors also eyed the movement in the rupee for direction. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal. * Silver reached another peak in a steady session following the yellow metal. * Silver for December delivery on the MCX was 0.06 percent higher at 64,017 rupees per kg, after hitting a peak of 64,215 rupees. * Following were the prices in rupees at 1:15 p.m., quoted by HDFC Bank in the spot market : Tuesday Monday ============================================= Gold .999/10 grams 32,180 32,195 Silver .999/kg 65,279 65,025 At 1:05 p.m., following were the prices in rupees on the Multi Commodity Exchange of India Ltd <0#MAU:>: Contract Current price Net change ============================================= Oct gold 31,926 +19 Dec silver 64,010 +30 (Reporting by Siddesh Mayenkar; Editing by Anand Basu)

Source