Gold futures on the MCX opened lower at Rs 31,500 per 10 grams on Friday against the previous close of Rs 31,579. The December contract hit a high of Rs 31,572 and low of Rs 31,437. It was down 0.29 per cent at Rs 31,489 at 1 pm.
In Comex, the yellow metal for February delivery gained by $2 to $1,732 a troy ounce at 1 pm.
Signs of a revival in the US economy have boosted the value of the dollar against most currencies. The appreciation of the dollar has been weighing heavily on gold globally. This development may pull down international gold prices. In India, the rupee has depreciated against the dollar and this is pulling down gold prices in the futures market