Tracking a weak global trend, gold prices fell Rs 142 to Rs 28,070 per 10 grams at the futures market today as speculators offloaded their positions.
On the Multi Commodity Exchange, gold for delivery in October fell Rs 142 or 0.5 per cent to Rs 28,070 per 10 grams in a business turnover of 359 lots.
Similarly, the yellow metal for delivery in December lost Rs 125 or 0.44 per cent to Rs 28,113 per 10 grams in 19 lots.
Analysts said the fall in gold futures was mostly due to a weak trend in the global market as minutes of the Federal Reserve’s last meeting signalled that policy makers may increase the borrowing costs earlier than expected amid strengthening dollar, reducing the appeal of precious metals.
Meanwhile, gold in Singapore dropped 0.2 per cent to $1,288.81 an ounce.