Futures hovering in divergent trading
image for illustrative purpose
Gold futures declined Rs60 to Rs62,507 per 10 grams as speculators reduced their positions. Silver futures rose Rs27 to Rs69,692 per kilogram in futures trade as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for April delivery traded lower Rs60 or 0.1 per cent at Rs62,507 per 10 grams in a business turnover of 13,304 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.10 per cent lower at $2,052.60 per ounce in New York.
On MCX, silver contracts for March delivery increased Rs27, or 0.04 per cent, to Rs69,692 per kg in 480 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 0.24 per cent lower at $22.83 per ounce in New York.
