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Gold prices dropped 0.55 per cent to Rs 30,711 per 10 grams at the futures trade as speculators reduced their exposure amid a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in in far-month June fell by Rs 170 or 0.55 per cent to Rs 30,711 per ten grams in a business turnover of 33 lots. Likewise, the yellow metal for delivery in April declined by Rs 153 or 0.50 per cent to Rs 30,589 per ten grams in 458 lots.
According to an analyst, the fall in gold futures was in tune with a weak trend overseas as the dollar rebounded from over three-year lows, while investors waited for the minutes of the latest Federal Reserve meeting for clues on the outlook for US interest rates.
Gold prices today fell 0.39 per cent to $1,340.70 an ounce in Singapore.
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