Amid a weak global trend, gold futures traded lower by Rs 195 at Rs 29,371 per 10 grams today as speculators scaled down their positions.

Gold for delivery in April dropped Rs 195 or 0.66 per cent to Rs 29,371 per 10 grams in a business turnover of 312 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month June was trading down Rs 176 or 0.59 per cent to Rs 29,420 per 10 grams in four lots.

Analysts said the fall in gold futures was mostly in line with a weak trend overseas where the rising dollar took away some of the safe haven appeal of the precious metal.

Meanwhile, gold prices fell 0.45 per cent to $1,242.20 an ounce in Singapore.