Gold prices fell 0.42 per cent to Rs 29,431 per 10 grams at the futures trade as participants cut down bets amid a weak global trend.
At the Multi Commodity Exchange, gold prices for delivery in October were trading lower by Rs 124 or 0.42 per cent to Rs 29,431 per 10 grams in a business turnover of 749 lots. Also, the metal for delivery in December declined by Rs 102 or 0.34 per cent to Rs 29,600 per 10 grams in five lots.
Analysts attributed the fall in prices to a weak trend overseas as the dollar strengthened against a basket of major currencies, eroding the demand for precious metals.
Meanwhile, gold was trading 0.41 per cent down at $1,302.70 an ounce in Singapore today.