Futures fall as speculators trim positions

Gold futures declined Rs301 to Rs71,970 per 10 grams as speculators reduced their positions. Silver fell Rs1,666 to Rs94,496 per kilogram as participants reduced their bets. On Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower Rs301 or 0.42 per cent at Rs71,970 per 10 grams in a business turnover of 16,838 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.42 per cent lower at $2,354.20 per ounce in New York.

On MCX, silver contracts for July delivery declined Rs1,666 or 1.73 per cent to Rs94,496 per kg in a business turnover of 27,125 lots. Globally, silver was trading 2.37 per cent higher at $31.61 per ounce in New York.