Futures fall as speculators trim positions

Gold futures declined Rs161 to Rs71,630 per 10 grams as speculators reduced their positions. Silver futures fell Rs62 to Rs88,937 per kilogram as participants reduced their bets. On Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower Rs161 or 0.22 per cent at Rs71,630 per 10 grams in a business turnover of 14,320 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.22 per cent lower at $2,339.30 per ounce in New York.

On MCX, silver contracts for July delivery declined by Rs62 or 0.07 per cent to Rs88,937 per kg in a business turnover of 16,058 lots. Globally, silver was trading 0.307 per cent higher at $29.87 per ounce in New York.