Futures fall on easing speculation

Gold futures fell Rs119 to Rs59,408 per 10 grams as speculators reduced their positions. On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded lower by Rs119 or 0.2 per cent to Rs59,408 per 10 grams in a business turnover of 14,402 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading 0.27 per cent lower at $1,970.80 per ounce in New York.

Silver futures dropped Rs320 to Rs72,158 per kilogram as participants reduced their bets. On MCX, silver contracts for September delivery declined by Rs320 or 0.44 per cent to Rs72,158 per kg in a business turnover of 16,225 lots. Globally, silver was trading 0.59 per cent lower at $23.58 per ounce in New York.