Gold prices were down by Rs 46 to Rs 28,697 per 10 grams at the futures trade today as participants cut down their holdings, largely in line with a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 46 or 0.16 per cent at Rs 28,697 per 10 grams in a business turnover of 647 lots.

Also, the metal for delivery in far-month June shed Rs 41 or 0.14 per cent to Rs 28,938 per 10 grams in 197 lots.

Analysts said there is a weak trend in the overseas markets where gold dropped as global equities surged after Federal Reserve Chair Janet Yellen reasserted the central bank’s gradual approach to raising US interest rates.

Globally, gold fell 0.4 per cent to $1,236.85 an ounce in Singapore.