Futures back in red

Gold futures declined Rs120 to Rs62,454 per 10 grams as speculators reduced their positions. Silver futures fell Rs383 to Rs70,211 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for April delivery traded lower Rs120 or 0.19 per cent at Rs62,454 per 10 grams in a business turnover of 14,355 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.11 per cent lower at $2,049.20 per ounce in New York.

On MCX, silver contracts for March delivery declined by Rs383 or 0.54 per cent to Rs70,211 per kg in a business turnover of 32,668 lots. Globally, silver was trading 0.52 per cent lower at $22.36 per ounce in New York.