Gold futures prices today fell by 0.59% to Rs 29,497 per 10 grams as speculators reduced their positions, tracking a weakening trend overseas.
Fall in demand at the spot market at prevailing levels also weighed on gold futures prices.
At the MCX, gold for delivery in August fell by Rs 274, or 0.59%, to Rs 29,497 per 10 grams, with a business turnover of 757 lots.
The yellow metal for delivery in October shed Rs 163, or 0.55%, to Rs 29,508 per 10 grams in 37 lots.
Meanwhile, gold slipped from record levels with prices falling by Rs 200 to Rs 30,200 per 10 grams at spot markets in the national capital yesterday.
Analysts said a weak trend in global markets after US Federal Reserve Chairman gave no hint on imminent stimulus, disappointing investors and dampening the appeal of precious metal as a hedge against monetary easing, put pressure on gold futures here.
Globally, gold lost 1.4% to $1,566.88 an ounce in Singapore.
