Gold prices today fell by 2.95 per cent to trade at over one-year low of Rs 27,100 per ten gram as speculators engaged in offloading their positions after the precious metal dropped to two-year low in overseas markets. Gold prices recorded the biggest ever fall of Rs 1,250 per ten gram to hit one-year low of Rs 28,350 on Saturday. Analysts attributed persistent fall in gold prices at futures trade to speculative selling by participants, anticipating further fall in prices after the precious metal dipped to two-year low on expectations that demand for the asset will contract as the global economy improves.