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MCX gold June contract opened lower at Rs 28,400 per 10 grams on Friday against the previous day's close of Rs 28,446.
Gold in Mumbai spot market opened at Rs 2,760/gram against yesterday's close of Rs 2,779/gram.
Gold in the US market was at $1582 a troy ounce at 11.40 a.m. today.
Contraction of India's industrial production (IIP) may keep pressure on rupee value against dollar. This may arrest any sharp fall in gold prices in India. Gold for June delivery may touch Rs 28,350 today.
Rupee has tumbled by about 16.5 per cent against the dollar last year, the most in the Asian region. It reached a record low of 54.305 per dollar in December.
The US Government has posted Budget surplus in April, for the first time in three years. This development will further strengthen dollar and pull down gold prices.
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