Gold prices drifted lower by Rs 51 to Rs 31,347 per 10 gram at the futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas.
At the MCX, gold for delivery in October was trading down by Rs 51 or 0.16 per cent at Rs 31,347 per 10 gram with a business turnover of 25 lots.
The metal for delivery in August too fell Rs 40 or 0.13 per cent to Rs 30,965 per 10 gram in 656 lots.
Analysts said a weak trend in the overseas markets weighed on gold futures.
The metal lost 0.26 per cent to $1,327.20 an ounce in Singapore.