Gold prices on Thursday declined Rs31 to Rs71,096 per 10 grams in futures trade as speculators reduced their positions.On the MCX, gold contracts for June delivery traded lower Rs31 at Rs71,096 per 10 grams in a business turnover of 15,605 lots.

Analysts attributed the fall in gold prices to weak global cues and profit booking at higher level. Globally, gold was trading 0.26 per cent lower at $2,316.20 per ounce in New York.