Gold futures on the MCX opened lower at Rs 29,441 per 10 grams on Tuesday against the previous close of Rs 29,448.
In Comex, it was up at $1,577 a troy ounce.
Gold futures on the MCX may trade in a range between Rs 29,380 and Rs 29,480 depending on the rupee movement against the dollar.
Moody's Investors Service changed its outlook for Germany, the Netherlands and Luxembourg to negative from stable.
Gold futures on Monday had closed higher at Rs 29,448 per 10 grams against the previous close of Rs 29,277, largely due to rupee depreciation against dollar.
In Mumbai spot market, the yellow metal opened at Rs 2,864 per gram.