Amid a weak global trend, gold futures fell sharply by Rs 405 to Rs 29,110 per 10 gm today as speculators cut down their bets.
Gold for delivery in April dropped Rs 405 or 1.37 per cent to Rs 29,110 per 10 gm in a business turnover of 799 lots at the Multi Commodity Exchange.
In a similar fashion, the metal for delivery in far-month June was trading down Rs 390 or 1.31 per cent to Rs 29,390 in 22 lots.
Market analysts said the fall in gold futures is mostly in step with a weak trend overseas as Asian equities resumed their gain and chances of a US rate hike rose after a report on Friday showed a pick-up in inflation.
Meanwhile, gold prices slid 0.3 per cent to $1,223.67 an ounce in Singapore today.