Gold prices fell 0.17 per cent to Rs 26,615 per 10 gram at the futures trade today as participants reduced their positions largely with a weak trend overseas amid subdued demand at the domestic spot market.
On the Multi Commodity Exchange, gold for delivery in October eased by Rs 44, or 0.17 per cent to Rs 26,615 per 10 gram in a business turnover of 419 lots.
Also, the metal for delivery in far-month December shed Rs 40 or 0.15 per cent to Rs 26,823 per 10 gram in 28 lots.
Market analysts said the weak trend in the overseas market, where gold retreated to an eight-month low as the Federal Reserve raised its interest-rate forecasts, strengthening the dollar and dampening the demand for bullion as an alternative investment, weighed on precious metal at the futures trade here.
Globally, gold fell 0.21 per cent to $1,222.20 an ounce in Singapore. It had dropped to $1,216.03, the lowest since January 2 in yesterday’s trade.