Commodities Update: Gold futures slip on low demand

Gold prices on Thursday declined Rs 97 to Rs 70,992 per 10 grams in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for August delivery traded lower Rs 97 or 0.14 per cent at Rs 70,992 per 10 grams in a business turnover of 14,419 lots.

Analysts attributed the fall in gold prices to weak global cues.

Globally, gold was trading 0.03 per cent lower at $2,312.40 per ounce in New York.