New Delhi | Gold prices fell by 0.25 per cent to Rs 31,400 per 10 grams in futures trading Friday as participants trimmed their positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in October month declined by Rs 78, or 0.25 per cent to Rs 31,400 per ten grams in business turnover of 620 lots.
Similarly, the yellow metal for delivery in far-month December contracts traded lower by Rs 71, or 0.22 per cent to Rs 31,710 per ten grams in five lots.
Analysts said a weakening trend in the overseas markets where gold declined, snapping a four-day winning run, as the dollar rebounded and a Federal Reserve policy maker said the US economy is strong enough to warrant an increase in interest rates soon, warning that waiting too long risks high inflation or asset bubbles, mainly influenced gold prices at futures trade here.
Meanwhile, gold fell 0.5 per cent to USD 1,345.80 an ounce in Singapore.