Gold futures declined Rs97 to Rs70,992 per 10 grams as speculators reduced their positions. Silver futures fell Rs380 to Rs86,585 per kilogram as participants reduced their bets.
On Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower Rs97 or 0.14 per cent at Rs70,992 per 10 grams in a business turnover of 14,419 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.03 per cent lower at $2,312.40 per ounce in New York.
On MCX, silver contracts for July delivery declined by Rs380 or 0.44 per cent to Rs86,585 per kg in a business turnover of 11,621 lots. Globally, silver was trading 0.55 per cent higher at $29.10 per ounce in New York.