Divergent trading in futures continues

Gold futures declined Rs45 to Rs62,920 per 10 grams in futures trade as speculators reduced their positions. Silver futures rose Rs47 to Rs72,265 per kilogram in futures trade as participants widened their bets on a firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for April delivery traded lower Rs45 or 0.07 per cent at Rs62,920 per 10 grams in a business turnover of 15,541 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.13 per cent higher at $2,073.70 per ounce in New York.

On MCX, silver contracts for March delivery increased Rs47, or 0.07 per cent, to Rs72,265 per kg in 23,740 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend. Globally, silver was trading 0.21 per cent higher at $23.29 per ounce in New York.