Gold futures opened lower on Wednesday.
At the Multi Commodity Exchange, it opened at Rs 28,601 per 10 grams against Tuesday’s close of Rs 28,633. It may touch Rs 28,700 later in the day.
In Mumbai spot market, the yellow metal was a tad higher at Rs 2,770 per gm against the previous close of Rs 2,725 due to renewed buying by jewellers.
Most jewellers expect higher demand in the coming days as marriage season and Aksahya Tritiya are round the corner.
Gold in US spot market was at $1,658 a troy ounce
Prices may remain volatile
Bullion prices are likely to be volatile as a series of meetings by top US officials are scheduled in the next three days.
Later in the day, the US Fed Vice-Chairman will present his views on developments in the US economy. On Thursday, the US President will follow it up with his thoughts.
On Friday, the US Fed Chief, Mr Ben Bernanke, will address a conference on the US economic crisis and the effect of policy responses.
Analysts expect that the US Fed may go in for buying back bonds. If it happens, bullion prices may get a boost.