Gold on futures market opened weak on profit-booking. MCX Gold August contract opened at Rs 30,070 per 10 grams. It may continue its downtrend and may touch Rs 29,850 by end of the day's trading.
Rupee has appreciated by 25 paisa to 55.28 against dollar. If the trend continues, it will pull down Gold prices further in India.
Gold in Mumbai spot market was traded at Rs 2,989 per gram at 11 a.m.
Gold in the Comex was at $1621 a troy ounce at 11 a.m.
Spain plans to sell bonds worth about 2 billion euros ($2.5 billion) at premium over its last auction price of similar maturities.
France is also auctioning 8 billion euros of securities.
These developments will have an impact on gold prices.