Gold which used to be a hedge against economic instability has lost its safe-haven appeal in recent times due to currency volatility.
The dollar has moved up significantly against the basket of currencies, which has made gold expensive for other countries. Investors are shying away from the precious metal due to its high-priced tag.
Meanwhile, International spot gold was trading above $1,568 an ounce, while on the domestic front, MCX gold futures for August delivery contract remained flat at Rs 29,937 per 10 grams.
Bullion prices in India have edged lower, gold of 99.9 and 99.5% purity was seen at Rs 30,435 and Rs 30,235 per 10 grams, respectively.