Gold prices drifted lower by Rs 27 to Rs 28,515 per 10 grams in futures trade today as participants lightened their positions, largely in step with a weak trend overseas. In futures trading, gold for delivery in August contract was trading Rs 27 or 0.09 per cent down at Rs 28,515 per 10 grams at the Multi Commodity Exchange with a business turnover of 549 lots.
The metal for delivery in far-month October shed Rs 17 or 0.06 per cent to Rs 28,680 per 10 grams in four lots. Analysts said a weakening trend in the overseas markets on firmer dollar against some currencies overseas on Fed’ plan to stick to hiking rates, eroding demand for the precious metals as a safe haven, kept on the precious metal prices at futures trade here.
Globally, gold fell 0.78 per cent to USD 1,243.60 an ounce in New York yesterday.