Tracking a weakening global trend, gold prices fell by Rs 144 to Rs 28,725 per 10 grams in futures trade today as speculators off-loaded their positions driven by a weak global trend.
Trading a sentiment turned bearish after gold declined in global markets as deepening euro zone debt crisis shifted investors demand from bullion to forex.
At the Multi Commodity Exchange, gold for delivery in February fell by Rs 144, or 0.50%, to Rs 28,725 per 10 grams, with a business turnover of 1,199 lots.
Similarly, the metal for delivery in December declined by Rs 134, or 0.47% to Rs 28,415 per 10 grams in 10,264 lots.
Market analysts said speculators offloaded their positions on the back of a weakening global trend mainly led to the fall in gold prices at futures trade.
Meanwhile, gold fell by 0.5% to $1,686.60 an ounce in Singapore.