However, token buying by retailers in the spot markets on the auspicious occasion of "Akshaya Tritiya" day limited the losses.
At the Multi Commodity Exchange, gold for delivery in June month contracts shed Rs 45, or 0.16 per cent, to Rs 28,535 per ten grams in business turnover of 1,628 lots.
In a similar fashion, the precious metal for delivery in far-month August fell by Rs 10, or 0.04 per cent, to Rs 27,910 per ten grams in 66 lots.
At the spot markets, gold traded lower at Rs 29,950 per ten grams in opening trade at Chennai.
Analysts said the fall in yellow metal prices at futures trade was mostly in tandem with a weak trend overseas but token buying by retailers at spot markets on account of Akshaya Tritiya, considered to be an auspicious day for buying gold and silver, restricted the fall.
Meanwhile, gold declined by 0.20 per cent to USD 1,282.25 an ounce in Singapore.