Futures reeling under pressure
image for illustrative purpose
Gold futures declined Rs731 to Rs72,315 per 10 grams in futures trade as speculators reduced their positions. Silver price fell Rs1,983 to Rs91,030 per kilogram as participants reduced their bets.
On Multi Commodity Exchange (MCX), gold contracts for June delivery traded lower Rs731 at Rs72,315 per 10 grams in a business turnover of 7,956 lots. Analysts attributed the fall in the precious metal price to weak global cues. Globally, gold was trading 1.19 per cent lower at $2,387 per ounce in New York.
On the MCX, silver contracts for July delivery declined Rs1,983 or 2.13 per cent to Rs91,030 per kg in a business turnover of 25,739 lots. Globally, silver was trading 3.04 per cent lower at $30.54 per ounce in New York.
