Futures back under pressure

Gold futures fell Rs88 to Rs59,331 per 10 grams as speculators reduced their positions. Silver futures fell Rs538 to Rs70,587 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for June delivery traded lower by Rs88 or 0.15 per cent at Rs59,331 per 10 grams in a business turnover of 851 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.35 per cent lower at $1,956.30 per ounce in New York. On MCX, silver contracts for July delivery declined Rs 538 or 0.76 per cent to Rs 70,587 per kg in a business turnover of 14,104 lots. Globally, silver was trading 1.01 per cent lower at USD 23.13 per ounce in New York.