Gold is being traded on the lower side at the futures market as rupee appreciated against dollar.
MCX Gold August contract opened at Rs 29,995 per 10 grams against yesterday's close of Rs 29,997. It was trading in the range of Rs 30,000 to Rs 29,850 at 11.35 am.
Mumbai spot gold was trading at Rs 3,006 per 10 gram. At Comex, the yellow metal was at $1,576 a troy ounce at 11:35 am.
The downtrend in gold prices may continue even after European markets open. The downfall may reverse only if the prices sustain above $1,580 an ounce at the Comex.
Markets expect China to announce stimulus to revive economic growth.