Gold futures continue to fall, silver recovers on spot demand

Gold futures fell Rs38 to Rs59,465 per 10 grams as speculators reduced their positions. Silver futures increased Rs472 to Rs72,197 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 Rs38 or 0.06 per cent at Rs59,465 per 10 grams in a business turnover of 14,330 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.10 per cent higher at $1,960.40 per ounce in New York.