Gold futures declined Rs39 to Rs71,538 per 10 grams in futures trade as speculators reduced their positions. Silver futures climbed Rs531 to Rs90,968 per kilogram as participants widened their bets on a firm spot demand. On Multi Commodity Exchange (MCX), gold contracts for June delivery traded lower Rs39 at Rs71,538 per 10 grams in a business turnover of 7,184 lots.
Analysts attributed the fall in the precious metal price to weak global cues. Globally, gold was trading 0.15 per cent higher at $2,363.20 per ounce in New York. On MCX, silver contracts for July delivery increased Rs531 or 0.59 per cent to Rs90,968 per kg in 25,190 lots.
Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend. Globally, silver was trading higher 0.59 per cent at $30.64 per ounce in New York.