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Gold prices declined by Rs 93 to Rs 27,477 per 10 grams at the futures trade today, as speculators booked profits, due to subdued demand in the spot market at existing higher levels.
A weakening trend overseas further fuelled the downtrend, market analysts said.
At the Multi Commodity Exchange, gold for delivery in December declined by Rs 93, or 0.34 per cent, to Rs 27,477 per 10 grams, with a business turnover of 7,558 lots.
Similarly, the metal for delivery in February lost Rs 82 or 0.29 per cent to Rs 27,769 per 10 grams with a trade volume of 228 lots.
Market analysts said besides profit-booking by speculators following sluggish demand at existing higher levels in the spot market, reports of a weakening global trend mainly led to fall in gold prices at the futures trade here.
Meanwhile, the yellow metal fell 0.5 per cent to $1,716.68 an ounce in Melbourne. Earlier, the metal had gained 0.2 per cent to $1,728.70 an ounce, the highest level since September 23.
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