Gold prices declined by 0.38 per cent to Rs 29,873 per 10 gram at the futures trade as speculators reduced their exposure, owing to a weak global trend.

At the Multi Commodity Exchange, gold prices for delivery in October fell Rs 85, or 0.28 per cent, to Rs 29,873 per 10 grams in a business turnover of 22 lots. Similarly, the yellow metal for delivery in August contracts shed Rs 75 or 0.25 per cent to Rs 29,705 per 10 grams in 130 lots.

Analysts said offloading of positions by participants in line with a bearish overseas trend, as the dollar remained firm against its peers ahead of key central bank meetings and US inflation and payrolls data this week, influenced gold prices at the futures trade.

Globally, gold fell 0.28 per cent to $1,219.80 an ounce in Singapore.

Taking weak cues from the global market, silver prices moved down by 0.33 per cent to Rs 39,016 per kg at the futures market as participants reduced their exposure.

At the Multi Commodity Exchange, silver for delivery in December fell Rs 131 or 0.33 per cent to Rs 39,016 per kg in a business turnover of 2 lot. Likewise, the white metal for delivery in September contracts was trading lower by Rs 118 or 0.31 per cent to Rs 38,208 per kg in 226 lots.

Analysts attributed the slide in silver futures to a weak trend in precious metals overseas. Globally, silver fell 0.52 per cent to $15.39 an ounce in Singapore.

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