Gold prices drifted down by 0.33 per cent to Rs 29,774 per ten gram at the futures trade as participants trimmed their positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in August fell Rs 98, or 0.33 per cent to Rs 29,774 per ten gram in business turnover of 127 lots. Similarly, the yellow metal for delivery in October contracts was trading lower by a similar margin at Rs 30,030 per ten gram in 8 lots.
Analysts said offloading of positions by participants in line with a weak trend overseas influenced gold prices at the futures trade.
Gold prices edged lower in the global market as dollar firmed and US Treasury yields rose on expectations that the Federal Reserve was likely to continue raising interest rates. Meanwhile, gold fell 0.27 per cent to $1,220.70 an ounce in Singapore.
Taking negative cues from overseas market, silver prices slipped 0.31 per cent to Rs 39,061 per kg at the futures trade as speculators trimmed their bets owing to a weak trend overseas.
At the Multi Commodity Exchange, silver for delivery in December fell Rs 121 or 0.31 per cent to Rs 39,061 per kg in business turnover of 12 lots. Likewise, the white metal for delivery in September lost Rs 96, or 0.25 per cent to Rs 38,187 per kg in 345 lots.
Marketmen attributed the fall in silver prices in futures trade to a weak trend in precious metals overseas. Meanwhile, silver was trading 0.10 per cent lower at $15.31 an ounce in Singapore.