MUMBAI (Reuters) - Gold demand at Indian spot market remained subdued on Tuesday, hammered by a rise in prices due to firm overseas markets and a weak rupee, just ahead of the lean buying season. * The most-active June delivery on the Multi Commodity Exchange (MCX) was up 0.40 percent at 29,080 rupees per 10 grams by 6 p.m. * 'Buyers are not interested in purchases above 29,000 rupees. They are waiting for prices to correct,' said a Mumbai- based dealer with a private bank dealing in bullion. 'Jewellers are holding back purchases. They want to restock at lower level. They are not in hurry as monsoon season is approaching,' he said. * Demand usually drops between June and mid-August when there are no major festivals and marriages. Farmers will also be busy with planting during the rainy season. * Global gold rose back above $1,575 an ounce on Tuesday, tracking gains in the euro as the single currency edged off two-year lows against the dollar. * The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, fell on Tuesday, snapping three sessions of gains. * Gold demand in India is likely to moderate in 2012 as higher inflation trims disposable income at a time prices are stubbornly high on a weak rupee, the head of the World Gold Council in the country said earlier this month. (Reporting by Rajendra Jadhav; Editing by Subhadip Sircar)
