New Delhi, Apr 12 (PTI) Gold prices drifted lower by 0.24 per cent to Rs 31,280 per 10 grams in futures trading today as speculators reduced exposure amid a weak global trend.

At the Multi Commodity Exchange, gold for delivery in June fell by Rs 75, or 0.24 per cent to Rs 31,280 per ten grams in business turnover of 336 lots.

Likewise, the yellow metal for delivery in August was trading lower by a similar margin to Rs 31,460 per ten grams in 1 lot.

Analysts said offloading of positions by participants in line with a weak trend overseas, as minutes from the Federal Reserves’s last policy meeting raised expectations for a faster pace of US rate hikes, mainly influnced gold prices at futures trade.

Globally, gold prices fell 0.28 per cent to USD 1,349 an ounce in Singapore today.

This is published unedited from the PTI feed.