Amid a weak global trend, gold futures today traded lower by Rs 38 at Rs 30,940 per 10 gram as speculators trimmed their positions.
Gold for delivery in October dropped Rs 38 to Rs 30,940 per 10 gram in a business turnover of 635 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in far-month December was trading down by Rs 23, to Rs 31,071 per 10 gram in 85 lots.
The fall in gold futures was mostly in step with a weak trend overseas where it lost the most in more than a month as a surge in US consumer confidence and dollar’s gains diminished the demand for the metal as a store of value, analysts said.
Meanwhile, gold prices dropped 1 per cent to close at $1,330.40 an ounce in New York yesterday.