Gold prices drifted lower by Rs 153 to Rs 28,958 per 10 grams at the futures trade as participants lightened their positions, largely in tandem with a weak overseas trend.
Gold for delivery in far-month December was trading down by Rs 153 or 0.52 per cent at Rs 28,997 per 10 grams at the Multi Commodity Exchange with a business turnover of six lots. The metal for delivery in October too fell Rs 122 or 0.42 per cent to Rs 28,958 per 10 grams in 311 lots.
Analysts said trimming of positions by traders, tracking a weak trend in the overseas markets, as data on retail sales and US manufacturing came in better-than-expected and easing geopolitical tensions between North Korea and the US undercut haven demand for the precious metals, mainly weighed on gold futures.
Globally, gold lost 0.82 per cent to $1,271.10 an ounce in New York yesterday.