Gold scales record high on growing bets for US interest rate cut in June
Gold futures declined Rs2 to Rs61,975 per 10 grams as speculators reduced their positions. Silver futures fell Rs243 to Rs70,026 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for April delivery traded lower by Rs2 and remained almost flat at Rs61,975 per 10 grams in a business turnover of 13,273 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading at $2,030.60 per ounce in New York.
On MCX, silver contracts for March delivery declined Rs243 or 0.35 per cent to Rs70,026 per kg in a business turnover of 21,325 lots. Globally, silver was trading 0.49 per cent lower at $22.89 per ounce in New York.
