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Gold prices drifted lower by Rs 27 to Rs 28,515 per 10 grams at the futures trade today as participants lightened their positions due to a weak trend overseas.
Gold for delivery in August was trading down by Rs 27 or 0.09 per cent at Rs 28,515 per 10 grams at the Multi Commodity Exchange in a business turnover of 549 lots.
The metal for delivery in far-month October shed Rs 17 or 0.06 per cent to Rs 28,680 per 10 grams in four lots.
Analysts said a weak trend in overseas markets as dollar remains firm against some currencies overseas owing to Fed’ plan to stick to hiking rates, eroding demand for the precious metals as a safe haven, dampened the futures trade.
Globally, gold fell 0.78 per cent to $1,243.60 an ounce in New York yesterday.
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