Gold prices dipped by 0.24 per cent to Rs 31,590 per 10 gram in futures trade on Friday as speculators reduced exposure.

On the Multi Commodity Exchange, gold contracts for June delivery fell by Rs 77, or 0.24 per cent, to Rs 31,590 per 10 gram in a business turnover of 6,022 lots.

Analysts said off-loading of positions by participants to book profits influenced gold prices at the futures trade.

Moreover, a strong rupee against the US dollar further dented the price of the precious metal in domestic markets.