Gold futures fall on low demand

New Delhi, Sep 1 (PTI) Gold prices on Friday fell by Rs 16 to Rs 59,358 per 10 grams in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for October delivery traded lower by Rs 16 or 0.03 per cent to Rs 59,358 per 10 grams in a business turnover of 12,351 lots.

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

Globally, gold was trading marginally higher at USD 1,966 per ounce in New York.