Tracking a weak trend overseas, gold prices fell by 0.34% to Rs 28,058 per 10 grams in futures trade today as speculators reduced their positions.

Sentiment in the futures market turned bearish after gold declined in the global markets as concerns that Europe’s debt crisis bolster the dollar and reduced demand for the metal as an alternative investment.

At the Multi Commodity Exchange, October gold fell by Rs 96, or 0.34%, to Rs 28,058 per 10 grams, with a business turnover of 1,452 lots.

The December contract declined by Rs 84, or 0.30%, to Rs 28,383 per 10 grams in 123 lots.

Meanwhile, gold declined by $9.70 to $1,811.40 an ounce in Asian region. – Source: PTI