* London Brent crude weak at $68.46 a barrel LCOc1
* Rupee weak at 48.42 per dollar INR=IN
* U.S. durable goods data at 1230 GMT [MI/DIARY]
MUMBAI, July 29 (Reuters) - India's gold demand picked up on Wednesday after days of lull as prices fell further and traders sought to replenish their stock for the upcoming festival season, dealers said.
"There is some business after yesterday's decline," said a dealer with a private bank in Mumbai. "Traders are building stocks ahead of festivals."
The most-traded August gold contract MAUQ9 was 0.16 percent lower at 14,731 rupees at 2:17 p.m. on weak crude oil, dimming the yellow metal's appeal as a hedge against inflation. A firm dollar overseas also weighed on prices.
The contract had lost 1.2 percent in the previous session.
Oil slid below $67 a barrel, extending losses from the more than $1 retreat the day before, on renewed concerns over the U.S. economy after a drop in consumer confidence and bearish API crude data.
Dealers and traders hope that upcoming festivals and weddings, which will start by August-end, would revive sagging gold demand already reeling under the throes of an economic slowdown and high prices.
"I have plenty of advanced orders in between $925-930 (an ounce)," said another dealer with a state-run bank.
Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 p.m. INBULL03:
Wednesday Tuesday
Gold .999/10 grams 14,871 15,105
Silver .999/kg 23,010 23,656
Following were prices in rupees on the Multi Commodity Exchange of India Ltd. at 2:17 p.m. <0#MAU:>:
Contract Current price Net change
Aug gold 14,732 -23
Sept silver 22,225 -171
(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)
