Gold prices drifted lower by Rs
216 to Rs 31,427 per 10 gram in futures trade as participants lightened their positions at prevailing levels amid a weak trend overseas.
In futures trade, gold for delivery in December was trading Rs 216 or 0.68 per cent down at Rs 31,427 per 10 gram on the Multi Commodity Exchange with a business turnover of 673 lots.
The metal for delivery in February next year, too, fell by Rs 186 or 0.58 per cent to Rs 31,770 per 10 gram in 39 lots.
Analysts said apart from profit-booking by speculators at existing levels, metal's fresh weakness in the overseas after dollar strengthened as China's central bank eased its domestic policy to support the economy, weighed on gold futures.
In international market, gold lost 0.66 per cent to USD 1,197.50 an ounce in Singapore.
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