MCX Gold futures are also down 0.2 percent at Rs 28,739 per 10 grams. Worries over poor speculative demand seem to be weighing on the metal.
MCX Gold futures backed off from highs near Rs 28,950 per 10 gram levels and ended down 0.3 percent at Rs 28,800 levels.
The metal is currently down 0.36 percent to trade $ 1,229 per ounce. MCX Gold futures are down 0.3 percent to trade at Rs 28,418 per 10 grams.
Prices have witnessed a sharp recovery from lows near $ 1,200 per ounce and currently linger just under $ 1,230 per ounce, almost unchanged on the day.
Further upside is likely for the counter as traders eye the 50 day Exponential Moving Average (EMA) of Rs 28,785 as the next resistance level.
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