Gold futures in India fell on Monday, after coming close to a record high in the last session, due to a firm rupee and a drop in global prices, although physical traders waited for more price falls before booking deals.
The most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 0.46% lower at Rs 29,962 per 10 grams. It touched a high of Rs 30,156 in previous session, coming close to the record of Rs 30,200 hit in early December last year, according to Reuters data.
The rupee, which rose to its highest level in a week, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
Overseas gold edged lower after posting its biggest rally in more than three years in the previous session.
"There is no work as there is no season," said Kumar Jain, vice president of Mumbai Jewellers Association.
Gold demand in India is likely to remain subdued in the coming months due to the onset of monsoon rains and a sluggish wedding and festival period.
