Gold declines on reduced offtake

Gold futures prices fell by 0.14 per cent on the Multi Commodity Exchange (MCX) today as speculators reduced their positions due to a fall in demand at existing higher levels.     

On the MCX counter, gold for far-month October contract shed 0.14 per cent to Rs 14,849 per ten gram with an open interest of 847 lots.     

Similarly, the metal for delivery in December month contract eased 0.13 per cent to Rs 14,849, clocking an open interest of 13,855 lots.     

Analysts said speculators reducing their positions due to fall in demand in the spot market at higher levels led to a fall in gold prices at futures market here.