Futures fall as speculators trim positions

Gold futures fell by Rs179 to Rs60,761 per 10 grams in futures trade as speculators reduced their positions. Silver futures fell by Rs703 to Rs70,966 per kilogram, as participants reduced their bets. On MCX, gold contracts for December delivery traded lower by Rs179 or 0.29 per cent at Rs60,761 per 10 grams in a business turnover of 14,362 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.44 per cent lower at $1,985.50 per ounce in New York. On MCX, silver contracts for December delivery declined by Rs703 or 0.98 per cent to Rs70,966 per kg in a business turnover of 17,466 lots.