India's gold buying continued on Tuesday afternoon as traders picked up bargains ahead of a second round of festivals, and watched the rupee for direction, dealers said."Still there is buying, I must have done about 300 kgs since yesterday evening at about $1,210 an ounce level," said a dealer with a state-run bank in Mumbai.International spot gold was trading at $1,210.55/1,211.35 an ounce at 2:49 p.m. as against the previous close of $1,206.95/1,210.95, recovering from a five-week low of $1,196 an ounce struck on Friday, a level last seen on May 25.Prices are still below the all-time high of $1,264.90 struck on June 21."There could be more buying if the rupee strengthens a bit from here," said another dealer with a private bank in Mumbai.The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.The Indian rupee continued to trade largely steady in the afternoon session as gains in local shares and the dollar's losses against majors were offset by demand for the U.S. unit from importers.India will celebrate its second round of festivals from August, when demand for bullion goes up.(Reporting by Siddesh Mayenkar; Editing by Sunil Nair)(For more business news on Reuters India click http://in.reuters.com)News posted by www.newsinfoline.com
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