Gold prices fell by 0.45 per cent to Rs 28,966 per ten grams in futures trade on Wednesday as speculators indulged in trimming positions in tandem with a weak global trend.
At the Multi Commodity Exchange, gold for delivery in February fell by Rs 130, or 0.45 per cent to Rs 28,966 per ten grams in business turnover of 1,274 lots. Similarly, the metal for delivery in far-month April contracts lost Rs 99, or 0.35 per cent, to Rs 28,373 per ten grams in 128 lots.
Analysts attributed the fall in gold futures to speculators trimming positions in tandem with a weak global trend amid speculation that the US Federal Reserve will continue reducing asset purchases.
Meanwhile, gold fell 0.5 per cent to $1,239 an ounce in Singapore in early trade on Wednesday.
