Gold prices fell 0.45 per cent to Rs 26,712 per 10 gm at the futures trade today as participants reduced their positions largely in tandem with a weak trend overseas, where the metal dropped to a 16-week low.
On the Multi Commodity Exchange, gold for delivery in June eased by Rs 122 or 0.45 per cent to Rs 26,712 per 10 gm in a business turnover of 175 lots.
Likewise, the metal for August contract shed Rs 88 or 0.34 per cent to Rs 25,979 per 10 gm in 55 lots.
Analysts said the trend was weak in overseas markets as US economic data backed the case for the Federal Reserve to keep on reducing the monetary stimulus. It has reduced the appeal of the bullion and weighed on gold prices at the futures trade here.
Globally, the yellow metal lost as much as 0.2 per cent to $1,255.76 an ounce, the lowest since February 6 in Singapore today.