Gold edges down, traders await more falls

* The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.46 percent lower at 29,962 rupees per 10 grams. It touched a high of 30,156 rupees in previous session, coming close to the record of 30,200 rupees hit in early December last year, according to Reuters data.

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

* Overseas gold edged lower after posting its biggest rally in more than three years in the previous session.

* "There is no work as there is no season," said Kumar Jain, vice president of Mumbai Jewellers Association.

* Gold demand in India is likely to remain subdued in the coming months due to the onset of monsoon rains and a sluggish wedding and festival period.

(Reporting by Siddesh Mayenkar; Editing by Aradhana Aravindan)