Gold futures today fell 0.61 per cent to Rs 28,615 per 10 grams as participants cut their bets amid a weak global trend.
Besides, profit-booking by speculators also weighed on gold prices.
At the Multi Commodity Exchange, gold prices for delivery in February fell Rs 176 or 0.61 per cent to Rs 28,615 per 10 grams in a business turnover of 616 lots.
Also, the metal for delivery in far-month April declined Rs 166 or 0.58 per cent to Rs 28,622 per 10 grams in 35 lots.
Analysts attributed the fall in prices to a weak trend overseas as the dollar strengthened, reducing the appeal for the precious metal as a safe haven, and profit-booking by speculators at prevailing levels.
Meanwhile, gold traded 0.07 per cent down at $1,203.10 an ounce in Singapore.