Gold prices fell Rs 99 to Rs 47,161 per 10 grams in the futures trade on Wednesday, as speculators reduced their positions amid low demand.
On the Multi Commodity Exchange, gold contracts for the October traded lower by Rs 99, or 0.21 per cent, to Rs 47,161 per 10 grams in a business turnover of 8,210 lots.
Analysts attributed the fall in gold prices to trimming of positions by participants.
Globally, gold traded 0.25 per cent lower to $1,802.50 an ounce in New York.
Silver futures drop
Silver futures also dropped Rs 167 to Rs 63,418 per kg, on Wednesday as participants reduced their bets on low demand.
On the Multi Commodity Exchange, silver contracts for the December delivery tumbled by Rs 167, or 0.26 per cent, to Rs 63,418 per kg in a business turnover of 10,879 lots.
The metal traded lower by 0.33 per cent at $23.81 per ounce in New York.
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