Snapping a three-day rising streak, gold prices declined by 0.29 per cent in early trade on the Multi Commodity Exchange (MCX) today on subdued demand in the spot markets.
Shifting of funds from bullion to rising equities for quick gains, also supported the downward trend in gold.
Gold for the most-active August-month contract declined by 0.29 per cent to Rs 14,623 per ten gram on the MCX counters at 1120 hours, with an open interest in 14,488 lots.
Similarly, the metal for delivery in the October-month contract fell 0.24 per cent to Rs 14,629 per 10 gram, in trading of 2,606 lots.
Marketmen said subdued demand in the spot markets mainly led to the fall in gold prices at the futures market here.
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