Gold futures may continue its downtrend taking cues from global markets. However, the fall in gold prices will be limited if the rupee depreciates against the dollar.
The domestic unit has fallen about seven per cent this year, making it the worst performing among the Asian currencies.
On the Multi Commodity Exchange, August contract closed at Rs 30,080 on Monday. The August contract may trade on the lower side between Rs 29,900 and Rs 30,200 per 10 gram on Tuesday.
Mumbai spot gold was trading at Rs 2,932 a gram at 9 am. US spot gold was trading at $1,584 a troy ounce at 9.30 am.
Most Asian stock markets fell for a fourth day as HSBC Holdings Plc cut its outlook for China’s economy. The German Chancellor, Ms Angela Merkel, hardened her resistance to euro area debt sharing before European leaders meet this week.