Speculators offloading in futures

Gold futures fell Rs214 to Rs58,500 per 10 gram as speculatoRsreduced their positions. Silver futures fell Rs565 to Rs68,682 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower by Rs214 or 0.36 per cent to Rs58,500 per 10 grams in a business turnover of 13,093 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.44 per cent lower at $1,936.30 per ounce in New York. On MCX, silver contracts for July delivery declined Rs565 or 0.82 per cent to Rs68,682 per kg in a business turnover of 13,702 lots.