New Delhi: Gold prices on Wednesday declined Rs 154 to Rs 90,721 per 10 grams in futures trade amid muted spot demand.
On the Multi Commodity Exchange, gold contracts for June delivery traded lower by Rs 154 or 0.17 per cent to Rs 90,721 per 10 grams in a business turnover of 18,583 lots.
Analysts attributed the fall in gold prices to weak global cues.
In the international markets, gold futures rose 0.12 per cent to USD 3,117.1 per ounce in New York.
Gold prices on Tuesday touched an all-time high of Rs 91,400 per 10 grams in futures trade in line with firm global trends.
On the Multi Commodity Exchange, the yellow metal contracts for June delivery hit a record high of Rs 91,400 per 10 grams in early trade.
Later, the contracts pared the gains to trade Rs 457 or 0.5 per cent higher at Rs 91,174 per 10 grams with an open interest of 19,166 lots.
According to analysts, gold surged to a new all-time high amid escalating tensions in the Middle East.
“Gold hit an all-time high…The Russia-Ukraine situation remains tense, and the US President’s latest threats against Iran have further unsettled the Middle East, boosting demand for gold,” Rahul Kalantri, VP Commodities at Mehta Equities Ltd, said.