Futures moving in divergent trading
Gold futures fell by Rs16 to Rs59,358 per 10 grams as speculators reduced their positions. Silver prices climbed Rs206 to Rs75,888 per kilogram in futures trade as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded lower by Rs16 or 0.03 per cent to Rs59,358 per 10 grams in a business turnover of 12,351 lots. Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold was trading marginally higher at $1,966 per ounce in New York.
On MCX, silver contracts for December delivery gained Rs206 or 0.27 per cent to Rs75,888 per kg in 15,683 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 0.09 per cent higher at $24.84 per ounce in New York.