In futures trading, gold for delivery in August was trading Rs 245 or 0.78 per cent down at Rs 31,303 per 10 gram at the Multi Commodity Exchange with a business turnover of 1,490 lots.
The metal for delivery in October plunged by Rs 228 or 0.72 per cent to Rs 31,638 per 10 gram in 49 lots.
Analysts said a weak trend in the overseas markets where gold dropped after posting the biggest two-day gain in more than seven years following the UK s vote to exit from the European Union and profit-booking by speculators, weighed on gold futures.
Globally, gold lost 0.6 per cent to USD 1,316.320 an ounce in Singapore.
PTI