Gold prices drifted lower by 0.40 per cent to Rs 31,122 per 10 grams in futures trading today as speculators trimmed their positions, tracking a weak global trend.
At the Multi Commodity Exchange, gold for delivery in far-month August fell by Rs 124, or 0.40 per cent to Rs 31,122 per 10 grams in business turnover of 363 lots.
On similar lines, the metal for delivery in June month contract was trading lower by Rs 107 or 0.35 per cent to Rs 30,724 per 10 grams in 30 lots.
Market analysts said offloading of positions by participants in line with a weak trend overseas mainly kept gold prices down at futures trade.
Globally, gold fell 0.03 per cent to USD 1,297.50 an ounce in Singapore.
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