Gold Futures Fall on Low Demand: US Fed Rate Decision Looms

New Delhi, Jun 11 (PTI) Gold prices on Tuesday declined Rs 215 to Rs 71,223 per 10 grams in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for August delivery traded lower Rs 215 or 0.3 per cent at Rs 71,223 per 10 grams in a business turnover of 15,337 lots.

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

Globally, gold was trading 0.28 per cent lower at USD 2,320.60 per ounce in New York.

According to Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, gold prices lowered on Tuesday as traders seemed to avoid taking aggressive short positions ahead of the US Federal Reserve's monetary policy decision which is due on Wednesday.