MCX Gold futures were trading 0.07 per cent, or Rs 22 lower at Rs 31,236 per 10 grams at 10:55 am (IST), while MCX Silver futures were down 0.05 per cent, or Rs 21, at Rs 39,890 per 1 kg at the same time.
On the global front, gold prices rose slightly on Tuesday, after easing in the previous session, as the dollar held steady after marking a fresh 2018 peak.
Back home, rating agency Icra said on Monday that it expects demand for jewellery growth to weaken by 2-4 per cent for CY2018 owing to higher gold prices, and a subdued financing environment. The industry continues to remain susceptible to the regulatory risks, which has affected both demand and supply, it said. “A depreciating rupee is expected to bring cheers to exporters, but it will have a sluggish effect on domestic demand,” it said.