Gold importers in India, the world's biggest buyer, waited for attractive price levels ahead of the wedding season next month, as a stronger rupee weighed on the yellow metal. Weddings and festivals season will re-start in April and continue until the first week of June.
The rupee, which continued to rise on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal. As of 1001 GMT, the most-active gold contract for April delivery on the Multi Commodity Exchange (MCX) was 0.22 percent lower at 29,529 rupees per 10 grams.
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