Futures under pressure amid easing speculation

Gold futures declined Rs342 to Rs62,215 per 10 grams as speculators reduced their positions. Silver futures fell Rs332 to Rs72,255 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for February delivery traded lower by Rs342 or 0.55 per cent at Rs62,215 per 10 grams in a business turnover of 11,592 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.57 per cent lower at $2,038.10 per ounce in New York.