ALSO READAs inflation eludes, U.S. rate-hike bets lose shine U.S. consumer spending, inflation data support Fed rate hike case Modest rise in U.S. consumer prices may delay Fed rate hike Gold steady as U.S. policymakers split on rate hike outlook ANALYSIS: Inflation fizzle may once again leave Fed rate path in doubt
Gold prices drifted lower by 0.13 per cent to Rs 29,846 per 10 grams in futures trading today as participants lowered their bets, tracking a weak trend overseas.
Besides, profit booking by speculators after recent gains weighed on the prices.
At the Multi Commodity Exchange, gold for delivery in October fell by Rs 40, or 0.13 per cent, to Rs 29,846 per 10 grams in a business turnover of 595 lots.
Similarly, the yellow metal for delivery in far-month December moved down by Rs 33, or 0.11 per cent, to Rs 30,001 per 10 grams in 98 lots.
Analysts said a weakening trend overseas with investors turning their attention to the US consumer inflation data later in the day for clues on the timing of further interest rate hikes weighed on gold prices at futures trade here.
Besides, profit-booking by speculators too had a bearing, they said.
Meanwhile, gold was trading at USD 1,318.96 an ounce, its lowest since September 1.