Gold prices drifted lower by Rs 28 to Rs 31,010 per 10 gram at the futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas.
Gold for delivery in December was trading Rs 28 or 0.09 per cent down at Rs 31,010 per 10 gram at the Multi Commodity Exchange with a business turnover of 21 lots.
The metal for delivery in October fell Rs 18 or 0.06 per cent to Rs 30,906 per 10 gram in 250 lots.
Analysts said a weak trend in the overseas markets ahead of the Federal Reserve monetary policy decision later in the day, weighed on gold futures.
Globally, gold lost 0.26 per cent to $1,311.20 an ounce in Singapore.