Gold prices drifted down by 0.33 per cent to Rs 29,774 per ten gram in futures trade today as participants trimmed their positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in August fell by Rs 98, or 0.33 per cent, to Rs 29,774 per ten gram in business turnover of 127 lots.
Similarly, the yellow metal for delivery in October contracts was trading lower by a similar margin at Rs 30,030 per ten gram in 8 lots.
Analysts said offloading of positions by participants in line with a weak trend overseas where gold prices edged lower on a firmer dollar and US Treasury yields rose on expectations that the Federal Reserve was likely to continue raising interest rates, influenced gold prices in futures trade here.
Meanwhile, gold fell 0.27 per cent to USD 1,220.70 an ounce in Singapore.