Gold down; physical buyers await more falls

Indian gold shed more than half a percent on Monday to trade near its lowest level in a week, weighed by global markets, but physical traders were unwilling to book deals awaiting further price falls.

* At 0749 GMT, the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.30% lower at Rs 30,064 per 10 grams, after hitting a low of Rs 29,975 during the session, a level last seen on June 13. * Global gold fell for the first time in seven sessions as the risk of a Greek exit from the euro zone subsided after parties backing a bailout for the country won an election, denting the metal's safe-haven appeal. * "Buying is slow as prices are still high... people are waiting for correction," said Ketan Shroff, director at Pushpak Bullion, a gold wholesaler in Mumbai. * Gold demand in India, the world's biggest buyer of the yellow metal, is likely to remain sluggish in coming months due to lack of weddings and festivals during the monsoon. * Silver also edged lower following the yellow metal. * The most-traded silver for July delivery on the MCX was 0.33% lower at Rs 54,360 per kg. (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)