Gold futures prices declined by Rs 74 to Rs 16,510 per 10 gram today as speculators reduced their positions on the back of weakening global trend.
At the Multi Commodity Exchange, gold for delivery in June fell by Rs 74, or 0.45 per cent, to Rs 16,510 per 10 grams with an open interest of 224 lots.
February gold also eased by Rs 51, or 0.31 per cent, to Rs 16,390 per ten gram in 10,757 lots.
Marketmen attributed the fall in gold futures prices to offloading of position by traders on the back of weakening global trend.
They said weak signals from domestic spot markets due to break in marriage season also influenced the sentiment.
Meanwhile, the precious metal lost $9.60 at $1,087.20 an ounce in New York last evening.
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