Gold drifted lower by Rs 96 to Rs 31,401 per 10 grams in futures trade today as participants scaled down their positions, largely in tandem with a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in far-month October was trading lower by Rs 96, or 0.30 per cent, at Rs 31,401 per 10 grams in a business turnover of 1 lot.
Gold for delivery in August too fell by Rs 75, or 0.24 per cent to Rs 31,141 per 10 grams in a business volume of 241 lots.
Analysts said a weak trend prevailed in the overseas market where gold dropped, weighed down by a stronger dollar and a likely interest rate hike by the US Federal Reserve, eroding demand for the precious metal as a safe haven.
Globally, gold fell 0.28 per cent to USD 1,296.30 an ounce in Singapore.
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