Gold prices extend gain; physical buying slows

Gold futures edged higher to extend gain for another session on Thursday, helped by a weaker rupee, amid slowing purchases from physical traders ahead of a key gold-buying festival next week.

* India, the world's biggest buyer of the metal, will celebrate Akshaya Tritiya next week, the biggest gold-buying festival after Dhanteras. The wedding season is on and will continue through July.

Should you buy gold this Akshaya Tritiya? Religare's take

* "Demand has slowed down compared to last week. If it comes to Rs 26,000, we might see some more buying," said a dealer with a private bullion-importing bank.

* "It has been two months that traders have been stocking up...," said the dealer, referring to the Akshaya Tritiya festival, scheduled next week.

* Most traders picked up bargains after prices fell to their lowest level in 18 months in April.

* The rupee, which weakened on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.