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Gold prices moved down by 0.7 per cent to Rs 28,700 per 10 grams at the futures trade today after participants off-loaded positions, taking weak cues from the global market.
On the Multi Commodity Exchange, gold for delivery in April declined by Rs 203 or 0.7 per cent to Rs 28,700 per 10 grams in a business turnover of 452 lots.
Likewise, the metal for delivery in February shed Rs 133 or 0.48 per cent to Rs 29,378 per 10 grams in 1,672 lots.
Market analysts said a weak trend in the overseas market amid expectations that stimulus will be cut further as the US Federal Reserve decides on monetary policy, mainly put pressure on gold prices at the futures trade here.
Globally, gold lost 0.6 per cent to $1,248.90 an ounce in Singapore.
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