Gold futures are trading slightly lower in early trade on Friday due to a weaker rupee. April 2013 gold futures at the MCX were trading down 0.02% at Rs 30,796 per 10 grams at 10.35 am after hitting high of Rs 30,841. It opened at Rs 30,790.
April 2013 gold futures at COMEX were up USD 1 or 0.06% to USD 1672/t oz. Meanwhile, in the spot markets, gold was up USD 0.48 or 0.03% to USD 1671.88/t oz. at 10.44 am.
Commenting on the outlook, Emkay Commodity Research said, ''Gold prices are expected to go down as a stronger dollar internationally and low demand in China due to Lunar New Year holidays can push prices down. Gold in India is likely to move down. However the downside will be limited due to a weaker rupee.''