Futures back in red on profit booking

Gold futures declined Rs697 to Rs70,500 per 10 grams in futures trade on the Multi Commodity Exchange (MCX) amid profit booking. Silver futures fell Rs940 to Rs79,639 per kilogram as participants reduced their bets.

On the MCX, gold contracts for June delivery traded lower Rs697 or 0.98 per cent at Rs70,500 per 10 grams in a business turnover of 19,261 lots. Analysts attributed the fall in gold prices to weak global cues and profit booking at higher level. Globally, gold was trading 1.11 per cent lower at $2,320.40 per ounce in New York.

On MCX, silver contracts for May delivery declined Rs940 or 1.17 per cent to Rs79,639 per kg in a business turnover of 18,330 lots. Globally, silver was trading 1.29 per cent lower at $27.17 per ounce in New York.