Tracking a weak global trend, gold prices fell Rs 417 to Rs 26,142 per ten grams at the futures market today as speculators offloaded their positions.
Sluggish demand due to off-marriage season at the spot market further influenced the sentiment.
On the Multi Commodity Exchange, gold for delivery in August fell Rs 417 or 1.57 per cent to Rs 26,142 per ten grams in a business turnover of 12,288 lots.
Similarly, the yellow metal for delivery in October lost Rs 420 or 1.57 per cent to Rs 26,275 per ten grams in 520 lots.
Market analysts said speculators offloaded their positions in tandem with a weak global trend, which mainly kept pressure on gold prices at the futures trade.
Meanwhile, the yellow metal prices dropped 2 per cent to $1,251.84 an ounce in London.