India's gold futures fell for a sixth day in a row on Thursday due to sustained selling pressure, but a weaker rupee kept the downside limited, analysts said.
Investors will await the outcome of the European Central Bank's (ECB) meeting to gauge direction of the precious metals complex.
The whole focus is now on the ECB meeting and its after word on the Euro zone economy, said Subodh Gupta, a research analyst at Anand Rathi Commodities in Mumbai.
"Gold may fall to 12,650 rupees (per 10 grams) during the day on expectations that dollar may gain ahead of the ECB meet," said an analyst at a commodity brokerage.
The European Central Bank is expected to lower interest rates on Thursday for the fourth month running as dismal data ups the chances of a recession deepening in the 16-member euro area.
The benchmark gold February contract traded 48 rupees lower at 12,804 rupees per 10 grams, after losing 4.3 percent in the five previous sessions.
Open interest for Feb gold on MCX was at 13,975 lots, down from 13,996 a day earlier. Volume on Wednesday was 48.18 kgs.
