Gold futures prices declined by Rs 44 to Rs 16,598 per ten gram today as traders indulged in reducing their positions in tandem with a weakening global trend. Silver futures shed Rs 126 to Rs 26,690 a kg.
At the Multi Commodity Exchange counter, the gold for delivery in far month August declined by Rs 44, or 0.26 per cent, to Rs 16,598 per ten gram with an open interest of 456 lots.
April gold traded marginally lower by Rs 12, or 0.07 per cent to Rs 16,433 per ten gram in 13,972 lots.
Marketmen said fresh offloading by speculators in tandem with a weakening global trend led to fall in gold prices at futures market.
Meanwhile, gold fell by 0.50 per cent to $1,099.50 an ounce in Asian region.
July silver lost Rs 126, or 0.47 per cent, to Rs 26,690 per kg with an open interest of 1,219 lots. The May contract also fell by Rs 121, or 0.45 per cent, to Rs 26,495 per kg in 12,206 lots.
Silver declined by 0.9 per cent to $16.87 an ounce in Asia.