Gold prices fell Rs 203 or 0.74 per cent to Rs 27,328 per 10 grams at the futures trade today amid a weakening trend overseas and a rebound in the rupee.
At the Multi Commodity Exchange, gold for delivery in February fell Rs 203 or 0.74 per cent to Rs 27,328 per 10 grams in 8,066 lots. In a similar fashion, April contract lost Rs 202 or 0.73 per cent to Rs 27,630 per 10 grams in 414 lots.
Market analysts said besides a subdued trend in global markets, a rebound in the rupee value after the Reserve Bank of India imposed restrictions on forward trading to check the slide of the domestic currency, pushed up gold prices at the futures trade.
The rupee surged 143 paise to Rs 52.21 per US dollar in early trade today in the forex market today.
Meanwhile, gold declined by $5.90 to $1,570.60 an ounce in New York last night.