Gold prices declined by Rs 93 to Rs 27,477 per 10 grams in futures trade today, as speculators booked profits, due to subdued demand in the spot market at existing higher levels.
A weakening trend overseas further fuelled the downtrend, market analysts said.
At the Multi Commodity Exchange, gold for delivery in December declined by Rs 93, or 0.34%, to Rs 27,477 per 10 grams, with a business turnover of 7,558 lots.
Similarly, the metal for delivery in February lost Rs 82, or 0.29%, to Rs 27,769 per 10 grams, with a trade volume of 228 lots.
Market analysts said besides profit-booking by speculators following sluggish demand at existing higher levels in the spot market and reports of a weakening global trend mainly led to fall in gold prices at futures trade here.
Meanwhile, gold fell by 0.5% to $1,716.68 an ounce in Melbourne. Earlier, the metal had gained 0.2% to $1,728.70 an ounce, the highest level since September 23.
