Gold price declined Rs11 to Rs72,969 per 10 grams as speculators reduced their positions. Silver futures climbed Rs296 to Rs87,596 per kilogram as participants widened their bets on a firm spot demand. On the MCX, gold contracts for June delivery traded lower Rs11 at Rs72,969 per 10 grams in a business turnover of 10,865 lots. Analysts attributed the fall in the precious metal price to weak global cues. Globally, gold was trading 0.04 per cent lower at $2,386.40 per ounce in New York.

On the Multi Commodity Exchange (MCX), silver contracts for July delivery increased Rs296 or 0.34 per cent to Rs87,596 per kg in 30,276 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend.