Gold prices moved down by over 1 per cent to Rs 26,441 per 10 grams at the futures trade today after participants offloaded positions, taking weak cues from the global market.
At the Multi Commodity Exchange, gold for delivery in December declined by Rs 270 or 1.01 per cent to Rs 26,441 per 10 grams in a business turnover of 486 lots.
Likewise, the metal for delivery in far-month February next year shed Rs 250 or 0.93 per cent to Rs 26,699 per 10 grams in 52 lots.
Market analysts said a weak trend in overseas market as the dollar strengthened against other currencies on expectations that US interest rates will rise, eroded the demand for safe-haven as an alternative investment. This, in turn, put pressure on gold prices at the futures trade here.
Globally, gold traded lower at $1,181.55 an ounce in Singapore down from $1,182.68 yesterday.