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Tracking a weakening global trend, gold prices fell Rs 144 to Rs 28,725 per 10 grams at the futures trade today as speculators offloaded their positions driven by a weak global trend.
Trading sentiment turned bearish after gold declined in global markets as deepening euro zone debt crisis shifted investors demand from bullion to forex.
At the Multi Commodity Exchange, gold for delivery in February fell Rs 144 or 0.50 per cent to Rs 28,725 per 10 grams with a business turnover of 1,199 lots. Similarly, December contract declined by Rs 134 or 0.47 per cent to Rs 28,415 per 10 grams in 10,264 lots.
Market analysts said speculators offloaded their positions on the back of a weakening global trend which mainly led to the fall in gold prices at the futures trade.
Meanwhile, the yellow metal fell 0.5 per cent to $1,686.60 an ounce in Singapore.
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