Gold futures on the Multi Commodity Exchange opened higher at Rs 29,309 per 10 grams against yesterday's close of Rs 29,265.
Rupee has depreciated against dollar. This has helped gold prices buck the global trend.
August contract on MCX may trade between Rs 29,300 and Rs 29,200.
In Comex, the yellow metal was trading at $1,569 a troy ounce at 11.20 am.
The unexpected rate cut in Brazil and Korea may have an impact on gold prices in the global market.