Futures moving in divergent ways

Gold futures fell Rs21 to Rs59,870 per 10 grams as speculators reduced their positions. Silver futures increased by Rs420 to Rs74,090 per kilogram as participants widened their bets on a firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower by Rs21 or 0.04 per cent at Rs59,870 per 10 gram in a business turnover of 14,378 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.04 per cent higher at $1,979.40 per ounce in New York.