Gold prices fell 0.87 per cent to Rs 29,465 per 10 gm at the futures trade today, as participants reduced their positions largely in tandem with a weak overseas trend.
On the Multi Commodity Exchange, gold for delivery in October eased by Rs 258 or 0.87 per cent to Rs 29,465 per 10 gm in a business turnover of 278 lots. Similarly, the metal for delivery in far-month December shed Rs 170 or 0.78 per cent to Rs 29,340 per 10 gm in 22 lots.
Analysts said a weak trend in the overseas market on speculation that the US Federal Reserve will cut its monthly asset purchases at the end of a two-day meeting today, mainly weighed on gold prices at the futures trade here.
Globally, the yellow metal lost 1.4 per cent to $1,292.95 an ounce, the lowest level since August 8.