Gold futures edge lower, tracking global markets

MUMBAI (Reuters) - Indian gold futures edged lower on Wednesday tracking cues from a weak overseas market and as traders eye the U.S. Federal Reserve for direction.

* Fed Chairman Ben Bernanke said last month the bank could scale back its $85 billion monthly bond purchases if the U.S. economy strengthens, but a lack of clarity on the timing has unsettled markets. A policy statement from the central bank will be released on Wednesday after its meeting.

* At 1:40 p.m., the most-actively traded gold for August delivery on the Multi Commodity Exchange (MCX) was 0.18 percent lower at 27,915 rupees per 10 grams.

* Silver for July delivery on the MCX was 0.50 percent lower at 43,822 rupees per kilogram.

* In the overseas market, gold slipped for a third straight session as a rally in stocks and investor caution over the Federal Reserve curbing its stimulus programme sapped support for bullion.

* In the physical market, demand remained weak after the government raised import duty by a third to 8 percent, following a ban on consignment imports by the central bank.

* "There is no much demand..." said Suresh Jain, proprietor, SJ Jain Jewellers in Mumbai, adding that sales could pick up from August.

* The festival and wedding season has ended and will re-start in August.

* The country's gold imports fell from an average of $135 million in the first half of May to $36 million in the second half, Finance Minister P. Chidambaram said.

(Reporting by Siddesh Mayenkar; Editing by Supriya Kurane)