Gold prices on Friday dropped Rs 44 to Rs 38,065 per 10 gram in futures trade as participants cut down their positions in line with weak trend overseas.
On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 44, or 0.12 per cent, to Rs 38,065 per 10 gram in a business turnover of 1,563 lots.
The yellow metal for April delivery slipped Rs 55, or 0.14 per cent, to Rs 38,106 per 10 gram in 59 lots.
Analysts said subdued overseas cues influenced sentiment here.
Globally, gold was trading 0.13 per cent lower at USD 1,482.50 an ounce in New York.
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