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Gold futures on the Multi Commodity Exchange opened lower at Rs 31,311 per 10 grams on Monday against the previous close of Rs 31,342 as rupee appreciated against dollar.
The appreciation of rupee against dollar will keep gold prices down in the futures market. Comex, a division of the New York Mercantile Exchange, is closed as the country observes Labour Day on Monday.
Asian stocks were trading volatile as economic reports from China, Japan, South Korea and New Zealand fuelled speculation that central banks will boost stimulus measures. US Federal Reserve Chairman Ben S. Bernanke had on Saturday said that the US economy is far from satisfactory.
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