Futures back in divergent trading

Gold futures declined Rs80 to Rs71,763 per 10 grams on the Multi Commodity Exchange (MCX) amid profit booking. Silver futures jumped Rs604 to Rs83,417 per kilogram in futures trade as participants widened their bets on a firm spot demand.

On the MCX, gold contracts for June delivery traded lower Rs80 or 0.23 per cent at Rs71,763 per 10 grams in a business turnover of 22,483 lots. Analysts attributed the fall in gold prices to weak global cues and profit booking at higher level. “Gold showed profit-taking amid hotter than expected US inflation data which eases possibility of the US Fed interest rate cuts in June policy meetings,” said Rahul Kalantri, V-P (commodities) at Mehta Equities Ltd. Globally, gold was trading 0.33 per cent lower at $2,366.20 per ounce in New York.

On MCX, silver contracts for May delivery increased Rs604 or 0.73 per cent to Rs83,417 per kg in 25,744 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 higher 0.05 per cent at $28.35 per ounce in New York.