Futures back under pressure

Gold futures fell Rs393 to Rs59,015 per 10 grams as speculators reduced their positions. On the Multi Commodity Exchange (MCX), gold contracts for December delivery traded lower by Rs393 or 0.66 per cent at Rs59,015 per 10 grams in a business turnover of 13,848 lots. Silver futures fell Rs367 to Rs70,920 per kilogram as participants reduced their bets.

Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.83 per cent lower at $1,925.40 per ounce in New York.