Futures continue to fall
image for illustrative purpose
Gold futures declined by Rs555 to Rs71,047 per 10 grams in futures trade as speculators reduced their positions. Silver prices on Tuesday fell Rs1,120 to Rs81,363 per kilogram as participants reduced their bets.
On the MCX, gold contracts for June delivery traded lower Rs555 at Rs71,047 per 10 grams in a business turnover of 19,243 lots. Analysts attributed the fall in gold prices to weak global cues and profit booking at higher level.
Globally, gold was trading 1.27 per cent lower at USD 2,327.80 per ounce in New York. According to Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, “Spot gold declined as the precious metal remains in consolidating mode ahead of the key event of two-day Federal Open Market Committee (FOMC) meeting and data releases like US manufacturing and services PMIs and non-farm payroll report.”
