Gold futures fall on low demand

New Delhi, May 29 (PTI) Gold price on Wednesday declined Rs 2 to Rs 72,405 per 10 grams in futures trade as speculators reduced their positions.

On the MCX, gold contracts for August delivery traded lower Rs 2 at Rs 72,405 per 10 grams in a business turnover of 16,781 lots.

Analysts attributed the fall in the precious metal price to weak global cues.

Globally, gold was trading 0.21per cent higher at USD 2,374.20 per ounce in New York.