Gold down by Rs 51 to Rs 31,347 per 10 gram in futures trade

New Delhi: Gold prices drifted lower by Rs 51 to Rs 31,347 per 10 gram in futures trade on Friday as participants lightened their positions, largely in tandem with a weak trend overseas.

In futures trade, gold for delivery in October was trading Rs 51 or 0.16 percent down at Rs 31,347 per 10 gram on the Multi Commodity Exchange with a business turnover of 25 lots.

The metal for delivery in August too fell by Rs 40 or 0.13 percent to Rs 30,965 per 10 gram in 656 lots.

Analysts said a weak trend in the overseas markets where gold dropped, weighed on gold futures.

The metal lost 0.26 percent to USD 1,327.20 an ounce in Singapore.