Gold prices fell by Rs 29 to Rs 47,091 per 10 gram in the futures trade on Wednesday as speculators reduced their positions amid low demand.

On the Multi Commodity Exchange, gold contracts for October traded lower by Rs 29, or 0.06 per cent, to Rs 47,091 per 10 gram in a business turnover of 11,361 lots.

Analysts attributed the fall in gold prices to trimming of positions by participants.

Globally, gold traded 0.28 per cent lower to USD 1,813 an ounce in New York.