Gold prices drifted lower by 0.34 per cent to Rs 30,517 per ten grams at the futures trade due to offloading of positions by speculators in line with a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in February fell Rs 103 or 0.34 per cent to Rs 30,517 per ten grams in a business volume of 366 lots. Similarly, the precious metal for delivery in December declined by Rs 89 or 0.29 per cent to Rs 30,313 per ten grams in 1,750 lots.

Market analysts said cutting down of positions by participants in tandem with a weak trend overseas, mainly weighed on gold prices at the futures trade. Globally, gold fell 0.07 per cent to $1,213.80 an ounce in Singapore.

Taking weak cues from global markets, silver prices fell 0.31 per cent to Rs 37,189 per kg at the futures trade. At the Multi Commodity Exchange, silver for delivery in May declined by Rs 114 or 0.31 per cent to Rs 37,189 per kg in a business turnover of 1 lot.

Likewise, the white metal for delivery in March shed Rs 17, or 0.05 per cent to Rs 36,606 per kg in 1,119 lots. Analysts attributed the fall in silver futures to offloading of positions by traders on the back of a weak trend overseas. Globally, silver traded lower by 0.04 per cent at $14.12 an ounce in Singapore.