Futures reeling under pressure
image for illustrative purpose
Gold futures fell by Rs360 to Rs59,045 per 10 grams as speculators reduced their positions. Silver futures fell Rs730 to Rs72,500 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded lower by Rs360 or 0.61 per cent at Rs59,045 per 10 grams in a business turnover of 7,907 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.99 per cent lower at $1,947.60 per ounce in New York.
On MCX, silver contracts for December delivery declined by Rs730 or 1 per cent to Rs72,500 per kg in a business turnover of 16,044 lots. Globally, silver was trading 1.39 per cent lower at $23.51 per ounce in New York.
