Gold futures declined Rs345 to Rs71,008 per 10 grams as speculators reduced their positions. Silver futures jumped Rs663 to Rs89,752 per kilogram as participants widened their bets on a firm spot demand.

On Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower Rs345 or 0.48 per cent at Rs71,008 per 10 grams in a business turnover of 15,759 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.47 per cent lower at $2,314 per ounce in New York.

On MCX, silver contracts for July delivery increased Rs663 or 0.74 per cent to Rs89,752 per kg in 21,993 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend.