Futures reeling under pressure

Gold futures declined Rs129 to Rs71,240 per 10 grams in futures trade as speculators reduced their positions. Silver futures fell Rs294 to Rs82,661 per kilogram as participants reduced their bets. On the MCX, gold contracts for June delivery traded lower Rs129 at Rs71,240 per 10 grams in a business turnover of 17,169 lots.

Analysts attributed the fall in gold prices to weak global cues at higher level. Globally, gold was trading 0.19 per cent lower at $2,326.70 per ounce in New York.