Gold prices on Friday fell by Rs 242 to Rs 40,041 per 10 gram in futures trade as participants cut down their positions in line with a weak trend overseas.
On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 242, or 0.60 per cent, to Rs 40,041 per 10 gram in a business turnover of 2,627 lots.
The yellow metal for April delivery slumped Rs 235, or 0.58 per cent, to Rs 40,149 per 10 gram in 397 lots.
Analysts said subdued overseas cues influenced sentiments here.
Globally, gold was trading 0.33 per cent lower at USD 1,560.30 an ounce in New York.
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