Gold futures hover below one-month high

MUMBAI (Reuters) - Indian gold futures edged up on Monday to hover below their highest level in more than a month hit last week, following weakness in the rupee, while physical offtake was muted as wedding season demand has begun to taper off amid lower supplies.

* India cannot afford high levels of gold imports and may review its import policy, Finance Minister P. Chidambaram said on Monday.

* The Reserve Bank of India restricted gold imports on consignment basis on May 13, except for jewellery exporters, after imports in April jumped more than 150 percent, despite a 50 percent hike in import duty in January.

* "Demand is very quiet... I don't expect any demand till June," said Haresh Kewalramani, owner of Vishindas Gianchand, a bullion trader in Mumbai.

* At 6:01 p.m., the most-active gold for June delivery on the Multi Commodity Exchange (MCX) was trading at 27,014 rupees per 10 gram, up around 200 rupees. The contract had hit a high of 27,308 rupees on May 31, a level last seen on April 26.

* The rupee, which weakened after a strong opening, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

* Silver for July delivery on the MCX was around 800 rupees higher at 44,315 rupees per kilogram.

(Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)