Pressure on futures continues

Gold futures fell Rs427 to Rs59,771 per 10 grams as speculators reduced their positions. On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower by Rs427 or 0.71 per cent at Rs59,771 per 10 grams in a business turnover of 15,003 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.42 per cent lower at $1,973.80 per ounce in New York. Silver futures fell Rs766 to Rs 71,336 per kilogram as participants reduced their bets. On MCX, silver contracts for July delivery declined Rs766 or 1.06 per cent to Rs71,336 per kg in a business turnover of 13,686 lots.