Easing speculation keeps pressure on futures
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Gold futures declined Rs215 to Rs71,223 per 10 grams in futures trade as speculators reduced their positions. Silver futures plunged Rs1,297 to Rs88,725 per kilogram as participants reduced their bets. On Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower Rs215 or 0.3 per cent at Rs71,223 per 10 grams in a business turnover of 15,337 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.28 per cent lower at $2,320.60 per ounce in New York.
According to Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, gold prices lowered on Tuesday as traders seemed to avoid taking aggressive short positions ahead of the US Federal Reserve’s monetary policy decision which is due on Wednesday.
On MCX, silver contracts for July delivery declined Rs1,297 or 1.44 per cent to Rs88,725 per kg in a business turnover of 21,553 lots. Globally, silver was trading 1.89 per cent lower at $29.31 per ounce in New York.
