Gold prices tumbled Rs 394 to Rs 31,249 per 10 grams in futures trade Tuesday as participants indulged in off-loading their exposure in line with a weak trend overseas amid profit-booking at prevailing levels.
In futures trade at the Multi Commodity Exchange, gold for delivery in December was trading sharply lower by Rs 394 or 1.25 per cent, at Rs 31,249 per 10 grams in a business turnover of 9,586 lots.
Analysts said besides profit-booking by traders at the existing level and weakness in precious metals, led to the fall in gold prices at futures trade here.
Globally, gold fell 1.39 per cent to USD 1,187 an ounce in New York on Monday.