Speculators slashing positions in futures

Gold futures declined Rs84 to Rs62,440 per 10 grams as speculators reduced their positions. Silver future fell Rs75 to Rs70,236 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for April delivery traded lower Rs84 or 0.13 per cent at Rs62,440 per 10 grams in a business turnover of 14,217 lots.

Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.19 per cent lower at $2,047.90 per ounce in New York. On MCX, silver contracts for March delivery declined by Rs75 or 0.11 per cent to Rs70,236 per kg in a business turnover of 32,600 lots. Globally, silver was trading 0.16 per cent higher at $22.40 per ounce in New York.