Divergent trading back in futures space
image for illustrative purpose
Gold futures fell Rs121 to Rs62,170 per 10 grams as speculators reduced their positions. Silver futures rose Rs90 to Rs74,500 per kilogram in futures trade as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for February delivery traded lower by Rs121 or 0.19 per cent at Rs62,170 per 10 grams in a business turnover of 14,771 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.09 per cent lower at $2,038.60 per ounce in New York.
On MCX, silver contracts for March delivery increased Rs90 or 0.12 per cent to Rs74,500 per kg in 13,749 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend. Globally, silver was trading 0.34 per cent higher at $24.19 per ounce in New York.
