Futures Reeling Under Pressure

Gold futures dropped Rs192 to Rs77,125 per 10 grams amid fall in spot demand. Silver prices fell Rs103 to Rs89,118 per kilogram as participants reduced their bets. On Multi Commodity Exchange (MCX), gold contracts for February delivery traded lower by Rs192 or 0.25 per cent at Rs77,125 per 10 grams in a business turnover of 12,442 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold futures decreased by 0.29 per cent to $2,632.54 per ounce in New York.

On MCX, silver contracts for March delivery declined Rs103 or 0.12 per cent to Rs89,118 per kg in a business turnover of 31,304 lots. Analysts said a sell-off by participants at existing levels in the market mainly weighed on silver prices. Globally, silver was trading 0.35 per cent lower at $29.51 per ounce in New York.