Gold futures declined Rs458 to Rs73,909 per 10 grams in futures trade as speculators reduced their positions. Silver price fell Rs994 to Rs94,273 per kilogram as participants reduced their bets.
On the Multi Commodity Exchange (MCX), gold contracts for June delivery traded lower Rs458 at Rs73,909 per 10 grams in a business turnover of 10,048 lots. Analysts attributed the fall in the precious metal price to weak global cues. Globally, gold was trading 0.66 per cent lower at $2,422.30 per ounce in New York.