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Gold prices fell Rs 218 to Rs 27,918 per 10 gm at the futures trade today as speculators indulged in trimming their positions after the precious metal dropped to the lowest level in global markets.
In addition, a weakening rupee, which dipped to a record low of Rs 54.46 against the dollar, also weighed on the gold futures trade.
At the Multi Commodity Exchange, gold for delivery in June fell Rs 218 or 0.74 per cent to Rs 27,918 per 10 gm with a business turnover of 4,238 lots.
Similarly, the metal for delivery in August declined by Rs 137 or 0.69 per cent to Rs 28,315 per 10 gm with a turnover of 478 lots.
Market analysts said speculators offloaded their positions largely in tandem with a weak trend in global markets which led to the fall in gold prices at the futures trade here.
Global markets were down as Greek leaders failed to form a government, increasing speculation that the country may quit the euro, and driving the dollar Index to a record advance.
Meanwhile, gold fell 0.7 per cent to $1,533 an ounce in Singapore, the lowest level since December 29.
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