Gold futures fall on low demand

Gold prices on Thursday fell by Rs 406 to Rs 54,268 per 10 grams in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for February delivery traded lower by Rs 406 or 0.74 per cent at Rs 54,268 per 10 grams in a business turnover of 15,223 lots.

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

Globally, gold was trading 0.86 per cent lower at USD 1,803.10 per ounce in New York.