Gold futures fall on low demand

Gold prices on Wednesday fell by Rs 177 to Rs 54,820 per 10 gram in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for February delivery traded lower by Rs 177 or 0.32 per cent at Rs 54,820 per 10 gram in a business turnover of 13,901 lots.

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

Globally, gold was trading 0.32 per cent lower at USD 1,817.20 per ounce in New York.