Gold prices went down by 0.37 per cent to Rs 29,885 per 10 grams at the futures trade as speculators reduced their exposure, driven by a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in April fell Rs 110 or 0.37 per cent to Rs 29,885 per ten grams in a business turnover of 354 lots. Likewise, the yellow metal for delivery in June was trading lower by Rs 94 or 0.31 per cent at Rs 30,050 per ten grams in 5 lots.
Analysts said offloading of positions by participants in line with a weak trend, where the precious metal fell to a four-week low as the dollar remained firm owing to expectations of more US interest rate hikes, mainly influenced gold prices at the futures trade here.
Gold prices fell 0.56 per cent to $1,310.70 an ounce in Singapore.