Gold prices were down by Rs 173 at Rs 28,675 per 10 grams at the futures trade today as participants cut down their holdings amid a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 173 or 0.6 per cent at Rs 28,675 per 10 grams in a business turnover of 712 lots.
Also, the metal for delivery in far-month June shed Rs 140 or 0.48 per cent to Rs 28,832 per 10 grams in 116 lots.
Analysts said a weak trend overseas as gains in US equities and the dollar dimmed some of the metal’s safe haven investment appeal, weighed on gold prices at the futures trade here.
Besides, profit-booking at prevailing levels also led to the downtrend.
Globally, gold fell 0.19 per cent to $1,248.90 an ounce in Singapore.