Gold futures on the Multi Commodity Exchange opened lower at Rs 29,230 per 10 grams against Saturday's close of Rs 29,268.
August contract on MCX may trade between Rs 29,200 and Rs 29,300.
After opening at 54.98, the rupee has depreciated against the dollar to 55.11. This has pushed up gold prices.
Volatile rupee may continue to swing the fortune of gold prices in India.
In Comex, the August contract is being traded at $1,588 a troy ounce.
The IMF report on global growth can make some impact on bullion prices.