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Gold prices drifted lower by 0.04 per cent to Rs 30,944 per 10 grams at the futures trade due to trimming down of positions by participants on weak global cues.
At the Multi Commodity Exchange, gold for delivery in December fell Rs 13, or 0.04 per cent, to Rs 30,944 per 10 grams in a business turnover of two lots. Similarly, the yellow metal for delivery in October moved lower by Rs 9, or 0.03 per cent, to Rs 30,708 per 10 grams in 69 lots.
Analysts said a weak trend overseas with investors staying away from bullion on fears the US-China trade war could escalate, weighed on gold prices at the futures trade.
Meanwhile, gold was trading 0.45 per cent lower at $1,192.70 an ounce in Singapore.
Silver prices declined by 0.03 per cent to Rs 37,388 per kg at the futures trade as participants reduced their exposure owing to a weak global trend.
At the Multi Commodity Exchange, silver for delivery in December fell Rs 13, or 0.03 per cent, to Rs 37,388 per kg in a business turnover of 87 lots.
Analysts attributed the fall to a weak trend in precious metals overseas as investors stayed away from bullion on fears the US-China trade war could escalate. Globally, silver was trading 0.35 per cent down at $14.07 an ounce in Singapore.
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