Fall in speculative positions keeps pressure on futures

Gold futures fell Rs44 to Rs59,816 per 10 grams in futures trade as speculators reduced their positions. Silver futures fell Rs95 to Rs70,991 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for June delivery traded lower by Rs 44 or 0.07 per cent at Rs59,816 per 10 grams in a business turnover of 7,400 lots.

Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.22 per cent lower at $1,978.80 per ounce in New York. On MCX, silver contracts for July delivery declined Rs95 or 0.13 per cent to Rs70,991 per kg in a business turnover of 13,662 lots. Globally, silver was trading 0.13 per cent lower at $23.21 per ounce in New York.