Gold prices fell 0.87 per cent to Rs 29,465 per 10 gm in futures trade on Wednesday, as participants reduced their positions largely in tandem with a weak overseas trend.
At the Multi Commodity Exchange, gold for delivery in October contract eased by Rs 258, or 0.87 per cent, to Rs 29,465 per 10 gm in business turnover of 278 lots.
Likewise, the metal for delivery in far-month December shed Rs 170, or 0.78 per cent, to Rs 29,340 per 10 gm in 22 lots.
Analysts said a weak trend in the overseas markets on speculation the US Federal Reserve will cut its monthly asset purchases at the end of a two-day meeting on Wednesday, mainly weighed on gold prices at futures trade.
Globally, gold lost 1.4 per cent to USD 1,292.95 an ounce, the lowest level since August 8.