Gold prices drifted lower by 0.46 per cent to Rs 31,105 per 10 grams at the futures trade today as participants cut down their bets, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in far-month October was down Rs 143 or 0.46 per cent at Rs 31,105 per ten grams in a business turnover of 75 lots.
Similarly, the metal for delivery in August was riding lower by Rs 121 or 0.39 per cent to Rs 30,750 per ten grams in 497 lots.
Market analysts attributed the fall in prices to a weak trend overseas where gold fell, extending the first back-to-back weekly drop since May, as buoyant equity markets and gains in the dollar hurt demand ahead of central bank meetings in the US and Japan this week.
Meanwhile, gold dropped 0.7 per cent to $1,313.57 an ounce in Singapore.