Gold prices drifted lower by 0.16 per cent to Rs 29,814 per 10 grams in futures trade today as participants lowered their bets, tracking a weak trend overseas.
Besides, profit-booking by speculators after recent gains weighed on the prices.
At Multi Commodity Exchange, gold for delivery in August fell by Rs 49, or 0.16 per cent, to Rs 29,814 per 10 grams in a business turnover of 103 lots.
Similarly, the yellow metal for delivery in October contracts moved down by Rs 41, or 0.14 per cent, to Rs 30,067 per 10 grams in two lots.
Analysts said that besides a weakening trend overseas, profit-booking by speculators at higher levels had a bearing on the prices.
Meanwhile, gold fell 0.05 per cent to USD 1,223.50 an ounce in Singapore.
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