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Gold prices fell 0.45 per cent to Rs 29,299 per 10 grams at the futures trading today as participants reduced their positions largely in tandem with a weak overseas trend.
On the Multi Commodity Exchange, gold for delivery in February eased Rs 133 or 0.45 per cent to Rs 29,299 per 10 grams in a business turnover of 371 lots. Likewise, the metal for delivery in far-month April shed Rs 85 or 0.29 per cent to Rs 28,814 per 10 grams in seven lots.
Analysts said a weak trend in the overseas market amid speculation that the Federal Reserve policy makers may decide to start cutting back the asset purchases this week, and as a survey showed that holdings in exchange-traded products will contract further next year, mainly weighed on gold prices at the futures trade.
Globally, the yellow metal fell 0.3 per cent to $1,234.90 an ounce in Singapore today.
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