RTRS: India gold edges down, traders await more falls
* Spot gold down at $951.65 an ounce
* London Brent crude up at $60.30 a barrel LCOc1
* Rupee strong at 47.175 per dollar
MUMBAI, May 22 (Reuters) - India's gold prices edged lower on Friday pressured by a strong rupee and overseas leads, but well-stocked local traders avoided fresh positions amid the wedding season expecting falls ahead, dealers and traders said.
"There is no demand since yesterday, there are no enquiries as well," said a dealer with a private bank in Mumbai.
"There is pricing pressure and demand would not revive until there is good correction," said another dealer with a state-run bank.
The most active June contract MAUM9 was 0.19 percent lower at 14,466 rupees per 10 grams at 1:51 p.m., after hitting a low of 14,462 rupees in early deals.
The Indian rupee trimmed gains after strengthening past 47 per dollar to a five-month high, but sentiment was upbeat following the U.S. unit's weakness overseas and expectations for a jump in foreign inflows. See [ID:nBOM125387]
Overseas gold, which guides the local market, edged down on profit-taking after a rally this week, but hovered near a two-month high, supported by safe-haven demand as the dollar remained weak.
Traders have been stocking the yellow metal after better-than-expected Akshaya Tritiya sales to meet wedding demand.
India's wedding season will last till June end.
"We expect buyers to come in below 14,000 rupees levels," said Haresh Acharya, head of bullion desk, Ahmedabad-based Parker Agrochem.
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p.m.
Gold .999/10 grams 14,639 14,515
Silver .999/kg 23,316 23,038
Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 1:37 p.m. <0#MAU:>: