Gold futures opened on the lower side and may continue to fall further.
Gold for August delivery on the Multi Commodity Exchange opened down at Rs 29,619 per 10 gram against yesterday's close of Rs 29,657. It may continue to trade within within a range of Rs 29,500 to 29,640 per 10 gram.
In Mumbai spot market, the yellow metal was trading at Rs 2,882 a gram.
The rupee has appreciated by 50 paise to 55.90 on persistent dollar demand from corporate and oil importers.
In Comex, gold was down at $1,586 a troy ounce at 11.15 am.