Gold futures fell Rs 169 to Rs 28,861 per 10 grams as participants indulged in cutting bets amid a weak trend overseas.
At the Multi Commodity Exchange, gold prices for delivery in August was trading lower by Rs 169 or 0.58 per cent to Rs 28,861 per 10 grams in a business turnover of 348 lots.
Also, the metal for delivery in October declined Rs 136 or 0.47 per cent to Rs 29,035 per 10 grams in a business volume of 46 lots.
Analysts attributed the decline in gold prices at the futures trade to trimming of positions by participants due to a weak trend in global market.
Meanwhile, gold traded 0.47 per cent lower at $1,260.10 an ounce in New York yesterday.