Gold futures under pressure

Gold futures fell Rs166 to Rs58,515 per 10 gram as speculators reduced their positions. On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded lower by Rs166 or 0.28 per cent to Rs58,515 per 10 grams in a business turnover of 13,537 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.12 per cent lower at $1,926 per ounce in New York.