Gold futures at the Multi Commodity Exchange opened on a positive note at Rs 29,549 per 10 grams against the previous close of Rs 29,544.
It touched a high of Rs 29,647.
MCX gold August contract may touch Rs 29,700 per 10 gram. In Mumbai spot market, the yellow metal was trading at Rs 2,872 a gram at 11.30 am.
The rupee has appreciated by 38 paise and is checking gold prices from moving northward. Euro has strengthened by 1.25 per cent against the dollar.
US gold spot price was at $1600 a troy ounce at 11.30 am.