Gold prices edged lower by 0.43 per cent to Rs 29,098 per 10 grams at the futures trade as participants trimmed their bets in line with a weak overseas trend.
At the Multi Commodity Exchange, gold prices for delivery in February fell Rs 127 or 0.43 per cent to Rs 29,098 per 10 grams in a business turnover of 428 lots. Similarly, the metal for delivery in April was trading down by Rs 112 or 0.38 per cent at Rs 29,102 per 10 grams in 19 lots.
Analysts attributed the slide in gold futures to a weak trend overseas as it retreated from over 3-1/2 month high as dollar remained firm on expectations of further rate hikes.
Meanwhile, gold declined 0.40 per cent to $1,307.30 an ounce in Singapore.