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Gold fell Rs 265 to Rs 29,509 per 10 grams at the futures trade as participants reduced their positions, largely in line with a weak trend overseas. Profit-booking at existing levels also weighed on the yellow metal.
At the Multi Commodity Exchange, gold for delivery in October was trading lower by Rs 265 or 0.89 per cent at Rs 29,509 per 10 grams in a business turnover of 1,311 lots. The metal for delivery in far-month December lost Rs 263 or 0.88 per cent to Rs 29,673 per 10 grams in 112 lots.
Market analysts attributed the slump in yellow metal prices to a weak trend overseas as a strong US dollar curbed the demand for the precious metals, considered as a safe haven investment.
Globally, gold was down 0.21 per cent at $1,297.80 an ounce in Singapore after dropping to lowest since late August at $1,295.65, its lowest since late August.
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