Gold prices dipped 1.21 per cent to Rs 31,407 per 10 gram in futures trade Monday as speculators reduced exposure amid weak domestic cues.
On the Multi Commodity Exchange, gold for delivery in June contracts eased by Rs 384, or 1.21 per cent, to Rs 31,407 per 10 gram in a business turnover of 7,567 lots.
In the domestic markets, a strong rupee against the US dollar dented the safe-haven sentiments of the precious metal, say reports.
Gold prices were trading marginally up by 0.01 per cent to USD 1,275.80 an ounce in New York.
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