Tracking a weakening global trend, gold prices dipped by Rs 171 to Rs 22,024 per 10 grams in futures trade today as speculators off-loaded their positions.
Trading sentiments turned bearish as gold fell in London after strengthening dollar reduced the demand for the precious metals and some investors sold the metal to cover losses in other assets.
At the Multi Commodity Exchange, gold for delivery in August dipped by Rs 171, or 0.77% to Rs 22,024 per 10 grams, with a business turnover of four lots.
Similarly, the metal for delivery in June fell by Rs 161, or 0.73% to Rs 21,760 per 10 grams, with a business volume of a single lot.
Market analysts said apart from falling trend overseas, heavy off-loading of positions by speculators mainly pulled down gold futures prices.
Meanwhile, the yellow metal fell by $11.17 to $1,490.03 an ounce in London.
