Gold prices fell 0.16 per cent to Rs 31,231 per 10 gram at the futures trade today as traders cut down their bets amid a weak global trend.
At the Multi Commodity Exchange, gold prices for delivery in October was trading lower by Rs 50 or 0.16 per cent at Rs 31,231 per 10 gram in a business turnover of 574 lots.
Also, the metal for delivery in far-month December declined by Rs 43 or 0.14 per cent to Rs 31,344 per 10 gram in 111 lots.
Analysts attributed the fall in prices to a weak trend overseas where gold retreated after its biggest weekly advance in two months, as the dollar erased losses, dimming the metal’s appeal as an alternative investment.
Meanwhile, gold was trading 0.31 per cent down at $1,333 an ounce in Singapore today.