Gold futures slip on low demand

Gold prices on Friday declined Rs660 to Rs73,495 per 10 grams in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for August delivery traded lower Rs660 or 0.89 per cent at Rs73,495 per 10 grams in a business turnover of 11,825 lots.

Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 1.36 per cent lower at $2,423.10 per ounce in New York.