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Futures reeling under pressure
image for illustrative purpose
Gold futures declined Rs9 to Rs71,730 per 10 grams as speculators reduced their positions. Silver futures fell Rs115 to Rs88,965 per kilogram as participants reduced their bets.
On Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower Rs9 or 0.01 per cent at Rs71,730 per 10 grams in a business turnover of 14,537 lots. Analysts attributed the fall in gold prices to weak global cues.
Globally, gold was trading 0.14 per cent lower at $2,343.60 per ounce in New York. On MCX, silver contracts for July delivery declined by Rs115 or 0.13 per cent to Rs88,965 per kg in a business turnover of 20,142 lots. Globally, silver was trading 0.33 per cent lower at $29.47 per ounce in New York.
