On the flip side, the physical demand of gold is also steady as buyers preferred to wait for sometime before making any fresh purchases as they expect prices may dip further.

MCX gold futures continued with falling streak. December gold contract on MCX dipped at the level of Rs 28,360 per 10 grams on Friday.

The metal was trading on sidelines at Rs 28,406 – Rs 28,407 per 10 grams at 13:30 pm IST.

Gold for February contract also fell to Rs 28,673 per 10 grams after opening at Rs 28,709 per 10 grams.

Overseas gold prices were hovering in the range of US$ 1,677 – US$ 1,680 a troy ounce.