Gold prices drifted lower by Rs 33 to Rs 29,781 per 10 grams at the futures trade today as participants lightened their positions to book profits at existing higher levels even as the precious metal climbed overseas.
Gold for delivery in December was trading down by Rs 33 or 0.11 per cent at Rs 29,781 per 10 grams at the Multi Commodity Exchange with a business turnover of 258 lots. The metal for delivery in February fell Rs 24 or 0.08 per cent to Rs 29,870 per 10 grams in 7 lots.
Analysts said the fall in gold prices at the futures trade was mostly attributed to profit-booking by participants at higher levels despite a firm trend overseas where the precious metals strengthened. Globally, gold rose 0.15 per cent to $1,295.10 an ounce in Singapore.