Amid a weakening global trend and profit-booking, gold futures fell Rs 85 to Rs 28,796 per 10 grams today as participants trimmed positions. In futures trading, gold for delivery in August was trading down Rs 85, or 0.29 per cent, lower at Rs 28,796 per 10 grams in a business turnover of 22 lots at the Multi Commodity Exchange.
Gold for delivery in June too fell by Rs 83, or 0.29 per cent, to Rs 28,622 per 10 grams in a business volume of 421 lots. Market analysts said, the fall in gold futures was mostly in tune with a weak trend overseas as a bounce in the dollar prompted some buyers to cash in gains after its biggest one- day rally in nearly a year.
Meanwhile, gold prices in global market retreated as much as 1.12 per cent to USD 1,246.80 an ounce in New York yesterday.