Futures slip into divergent trading

Gold futures jumped Rs237 to Rs70,026 per 10 grams as speculators created fresh positions on a firm spot demand. Silver futures fell Rs654 to Rs81,839 per kilogram as participants reduced their bets.

On Multi Commodity Exchange (MCX), gold contracts for August delivery traded higher Rs237 or 0.34 per cent at Rs70,026 per 10 grams in a business turnover of 19,248 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased 0.19 per cent to $2,474.40 per ounce in New York.

On MCX, silver contracts for September delivery declined by Rs654 or 0.79 per cent to Rs81,839 per kg in a business turnover of 25,844 lots.