Futures fall as speculators slash positions

Gold futures fell by Rs13 to Rs59,465 per 10 grams as speculators reduced their positions. Silver futures dropped Rs281 to Rs74,356 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded lower by Rs13 or 0.02 per cent to Rs59,465 per 10 grams in a business turnover of 12,407 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.03 per cent lower at $1,972.50 per ounce in New York.

On MCX, silver contracts for September delivery declined by Rs281 or 0.38 per cent to Rs74,356 per kg in a business turnover of 394 lots. Globally, silver was trading 0.53 per cent lower at $24.97 per ounce in New York.