Gold prices drifted by Rs 172 to Rs 28,300 per 10 grams at the futures trade as participants tightened positions due to a weak trend overseas.

At the MCX, gold for delivery in June was trading lower by Rs 172 or 0.6 per cent at Rs 28,300 per 10 grams with a business turnover of 973 lots.

The metal for delivery in August shed Rs 162 or 0.77 per cent to Rs 28,412 per 10 grams in 12 lots.

Analysts said a weak trend in the overseas markets, where gold declined as the dollar strengthened against a basket of major currencies, reducing the appeal for precious metals as a safe haven after the US Federal Reserve kept interest rates unchanged as expected, mainly weighed on futures trade here.

Globally, gold fell 1.53 per cent to $1,237.70 an ounce in New York yesterday.