Gold prices dipped 1.21 percent to Rs 31,407 per 10 gram in futures trade on Monday as speculators reduced exposure amid weak domestic cues.
On the Multi Commodity Exchange, gold for delivery in June contracts eased by Rs 384, or 1.21 percent, to Rs 31,407 per 10 gram in a business turnover of 7,567 lots.
In the domestic markets, a strong rupee against the US dollar dented the safe-haven sentiments of the precious metal, say reports.
Gold prices were trading marginally up by 0.01 percent to USD 1,275.80 an ounce in New York.
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