New Delhi: Gold prices drifted lower by 0.21 per cent to Rs 28,520 per 10 grams in futures trading on Monday as participants lowered their bets, tracking a weak trend overseas.
Besides, profit-booking by speculators after recent gains weighed on the prices.
At Multi Commodity Exchange, gold for delivery in August fell by Rs 60, or 0.21 per cent, to Rs 28,520 per 10 grams in a business turnover of 165 lots.
Similarly, the yellow metal for delivery in October contracts moved down by Rs 33, or 0.11 per cent, to Rs 28,790 per 10 grams in 98 lots.
Analysts said that besides a weakening trend overseas, profit-booking by speculators at higher levels mainly had a bearing.
Meanwhile, gold fell 0.13 per cent to USD 1,267.40 an ounce in Singapore.