Gold futures extend rise; importers refrain from buys

MUMBAI (Reuters) - Indian gold futures extended gains on Monday, helped by a weaker rupee and firm overseas markets, driving away importers seeking to stock for the upcoming festival.

* At 3:25 p.m., the most-active gold contract for June delivery on the Multi Commodity Exchange (MCX) was 0.69 percent up at 27,150 rupees per 10 grams.

* The rupee, which hit its highest level in a week, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* In the overseas markets, gold edged higher, with some buyers tempted back to the market after a second week of gains suggested last month's price slide to a more than two-year low has run its course for now.

* "Demand has slowed down compared to last fortnight as prices are up," said Ketan Shroff, director with Penta Gold, a wholesaler in Mumbai.

* India, the world's biggest buyer of the metal, will celebrate Akshaya Tritiya next week, the second-biggest gold buying festival after Dhanteras. Weddings have also started and will continue until July.

* Silver contract for July delivery on the MCX was 0.45 percent higher at 45,380 rupees per kg.

(Reporting by Siddesh Mayenkar; Editing by Anand Basu)