Extending the early slide, gold futures were trading Rs 317 lower at Rs 30,240 per 10 grams today as speculators lightened their bets after the precious metal plunged in the global market.
Furthermore, easing demand from jewellers at the domestic markets too kept pressure on the yellow metal.
In futures trading at the Multi Commodity Exchange, gold for delivery in December dropped Rs 317, or 1.04 per cent, to trade at Rs 30,240 per 10 grams in a business turnover of 7,196 lots. It touched a low of Rs 30,165 intra-day.
Also, the precious metal for delivery in far-month February 2017 contracts plunged Rs 309, or 1.01 per cent, to Rs 30,208 per 10 grams after slipping to a low of Rs 30,150. It clocked a business turnover of 462 lots.
At the spot market, gold broke below the Rs 31,000-level by falling Rs 300 to Rs 30,850 per 10 grams in the national capital today.
Analysts attributed the fall to a weak trend overseas where it tumbled amid positive developments on the US election front after prospects of Hillary Clinton brightened in the US presidential race following an FBI reprieve, strengthening the dollar and diminishing the appeal of the precious metal as a safe haven.
Globally, gold slumped 1.27 per cent to USD 1,287.40 an ounce in London.
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