Gold futures in India were seen trading lower on Monday tracking weak global trends which was weighed by firm trading in equities and dollar strengthening against other currencies.
Many traders were cautious ahead of Central Bank meetings in the US and Japan this week.
Many analysts believe that there will be positive comments from the Meet on economic performance, to lower the negative emotions flowing across the global markets.
Market analysts attributed the fall in prices to weak trend overseas where gold fell, extending the first back-to-back weekly drop since May, as buoyant equity markets and gains in the dollar hurt demand ahead of central bank meetings in the US and Japan this week, reports PTI.
At the Multi Commodity Exchange, Gold for August delivery was down Rs 171, or 0.55 per cent to Rs 30,700 per ten grams. The metal for month delivery (October) contracts was riding lower by Rs 193, or 0.62 per cent to Rs 31,055 per ten grams.
Spot gold was seen trading lower at $1,317 an ounce.