Gold extends losses, importers watch Fed

Indian gold extended losses on Thursday to trade close to its lowest level in a week, with local importers eyeing Federal Reserve chairman Ben Bernanke's speech that could stoke expectations of a third round of easing.

* The most-active gold for October delivery on the Multi Commodity Exchange was 0.11 percent lower at Rs 30,813 per 10 grams, after hitting a low of Rs 30,734 in the previous session, a level last seen on August 24.

* Gold importers, who sought to stock for the wedding and festival season, also waited for a bigger fall in prices.

* "There is lesser buying as prices are still high," said Lokesh Kumar Agarwal, chairman, Brijwasi Bullion, a wholesaler in Lucknow. He said buying could revive if prices fall to Rs 30,000.

* The festival and wedding season is now 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.

* Silver also edged lower following the yellow metal.

* Silver for September delivery on the MCX was 0.23 percent lower at Rs 57,427 per kg.