Futures trading in divergent mode

Gold prices declined Rs131 to Rs73,180 per 10 grams in futures trade as speculators reduced their positions. Silver futures jumped Rs1,180 to Rs93,010 per kilogram as participants widened their bets on a firm spot demand.

On Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower Rs131 or 0.25 per cent at Rs73,180 per 10 grams in a business turnover of 12,709 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.55 per cent lower at $2,408.60 per ounce in New York.