Futures back in divergent trading

Gold futures declined Rs2 to Rs72,405 per 10 grams in futures trade as speculatoRsreduced their positions. Silver prices on Wednesday climbed Rs502 to Rs95,950 per kilogram in futures trade as participants widened their bets on a firm spot demand.

On Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower Rs2 at Rs72,405 per 10 grams in a business turnover of 16,781 lots. Analysts attributed the fall in the precious metal price to weak global cues. Globally, gold was trading 0.21per cent higher at $2,374.20 per ounce in New York. On MCX, silver contracts for July delivery increased Rs502 or 0.53 per cent to Rs95,950 per kg in 28,363 lots.