Gold prices drifted lower by 0.27 per cent to Rs 28,589 per 10 grams in futures trade today as participants cut their bets amid a weak global trend.
Profit-booking by speculators also weighed on gold prices.
At the Multi Commodity Exchange, gold prices for delivery in February month declined by Rs 78, or 0.27 per cent, to Rs 28,589 per 10 grams in business turnover of 264 lots.
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Likewise, the metal for delivery in far-month April contracts was trading lower by Rs 77, or 0.26 per cent, to Rs 28,652 per 10 grams in modest one lot.
Analysts attributed the fall in gold prices at futures trade to a weak trend overseas where gold is heading for the biggest weekly drop since May as investors anticipate higher US interest rates, and progress on tax reform buoys the dollar, eroding safe-haven appeal of the precious metal.
Meanwhile, gold for immediate delivery has slumped 2.5 per cent this week, the most since the five days ended May 5.
Gold fell 1.27 per cent to USD 1,246.80 an ounce in New York yesterday.
Disclaimer: No Business Standard Journalist was involved in creation of this content
