Gold prices softened by 0.12 percent to Rs. 29,784 per 10 grams at the futures trade as participants lowered their bets due to a weak trend overseas.
At the Multi Commodity Exchange, gold for delivered on far-month February 2018 fell Rs. 36 or 0.12 percent to Rs. 29,784 per 10 grams in a business turnover of 75 lots. Likewise, the yellow metal for delivery in December traded lower by Rs. 31 or 0.10 percent to Rs. 29,659 in 1,368 lots.
Analysts attributed the fall in gold futures to weakness in precious metals in the global market as the US dollar grew in strength. Investors also waited for more insight on US tax cut plans and the related Fed policy.
Globally, gold fell 0.27 percent to $1,289.90 an ounce in Singapore today.