Gold futures prices today declined by 0.45% to Rs 28,866 per 10 grams due to fresh selling by speculators in tandem with a weak trend overseas, as advance in dollar curbed demand for the precious metal.
On the Multi Commodity Exchange, December gold lost Rs 130, or 0.45%, to Rs 28,866 per 10 grams, clocking a business volume of 1,865 lots.
The February contract dropped by Rs 127, or 0.43%, to Rs 29,186 per 10 grams, with a business volume of 104 lots.
Market analysts attributed fall in gold prices to a weak trend overseas as the dollar advanced against the euro on lingering debt crisis in the eurozone, curbing demand for precious metals as an alternative investment.
The gold in Asian region, fell 0.2% to $1,760 an ounce.
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