Futures turn sluggish

Gold futures fell Rs47 to Rs58,735 per 10 gram as speculators reduced their positions. Silver futures fell Rs53 to Rs71,257 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower by Rs47 or 0.08 per cent to Rs58,735 per 10 gram in a business turnover of 10,800 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Gold was trading 0.14 per cent lower at $1,929.80 per ounce in New York.