Gold prices drifted lower by 0.46 per cent to Rs 31,483 per 10 grams in futures trading today as participants trimmed their positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in far-month December fell by Rs 144, or 0.46 per cent, to Rs 31,483 per ten grams in business turnover of 27 lots.
Similarly, the yellow metal for delivery in October contracts moved down by Rs 138, or 0.44 per cent to Rs 31,189 per ten grams in 774 lots.
Analysts said a weakening trend in the overseas markets where gold a decline as speculation that central banks will remain supportive of growth underpins gains in global equities, curbing demand for a haven and pushing US stock benchmarks to records, mainly influenced gold prices at futures trade here.
Meanwhile, gold fell 0.04 per cent to USD 1,337.70 an ounce in Singapore.