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Gold futures traded 0.18 per cent lower at Rs 29,065 per 10 gm today largely in tandem with a weakening trend overseas amid subdued spot demand.
At the Multi Commodity Exchange, gold for delivery in June traded lower by Rs 52 or 0.18 per cent at Rs 29,117 per 10 gm with a business turnover of 596 lots.
Similarly, the precious metal for delivery in far-month August lost Rs 41 or 0.14 per cent to Rs 29,447 per 10 gm in a turnover of 474 lots.
Meanwhile, the yellow metal fell as much as $1 to $1,561.50 an ounce in Singapore today.
Analysts said off-loading of positions by speculators driven by a weakening trend overseas as concern that Europe’s fiscal crisis is escalating drove investors to seek the dollar.
This, in turn, reduced the appeal for the precious metal as an alternative investment, putting pressure on gold future prices here.
Further, a weak trend in domestic markets on subdued demand at higher levels also weighed on prices, they said.
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