Gold futures succumbed to profit-booking by speculators with prices falling by 0.62% to Rs 28,733 per 10 grams today.
Weak trend in precious metals in overseas markets also kept pressure on the gold prices.
At the Multi Commodity Exchange, the April contract for gold traded lower by Rs 180, or 0.62%, to Rs 28,733 per 10 grams, with a business turnover of 8,308 lots.
The June contract lost Rs 176, or 0.60%, to Rs 29,104 per 10 grams in a turnover of 318 lots.
Meanwhile, the yellow metal fell as much as 0.30% to $1,775.18 an ounce at midday today in Singapore, after climbing to a three-month high yesterday.
Analysts said profit-booking by speculators at prevailing higher levels and a weakening trend overseas mainly led to the decline in gold futures prices here.