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Gold prices dropped by Rs 175 to Rs 29,917 per ten grams at the futures trade today as speculators trimmed their positions, tracking a weak global trend.
At the Multi Commodity Exchange, gold for delivery in April dropped by Rs 175 or 0.58 per cent to Rs 29,917 per ten grams in a business turnover of 5811 lots. In a similar fashion, the yellow metal for delivery in June lost Rs 154 or 0.50 per cent to Rs 30,439 per ten grams in 220 lots.
Market analysts said speculators offloaded their positions in tandem with a weak global trend, which mainly pulled down gold prices at the futures trade.
Meanwhile, the yellow metal fell 0.1 per cent to $1,611.55 an ounce in Singapore.
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