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Gold prices drifted lower by 0.24 per cent to Rs 31,280 per 10 grams at the futures trade as speculators reduced their exposure amid a weak global trend.
At the Multi Commodity Exchange, gold for delivery in June fell Rs 75 or 0.24 per cent to Rs 31,280 per ten grams in a business turnover of 336 lots. Likewise, the yellow metal for delivery in August was trading lower by a similar margin at Rs 31,460 per ten grams in 1 lot.
Analysts said offloading of positions by participants in line with a weak trend overseas, as minutes from the Federal Reserves’s last policy meeting raised expectations for a faster pace of US rate hikes, mainly influenced gold prices at the futures trade.
Globally, gold prices fell 0.28 per cent to $1,349 an ounce in Singapore.
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