Speculators slashing positions in futures
Gold futures fell Rs103 to Rs63,154 per 10 grams as speculators reduced their positions. Silver futures fell Rs625 to Rs73,470 per kilogram as participants reduced their bets.
On the Multi Commodity Exchange (MCX), gold contracts for February delivery traded lower by Rs103 or 0.16 per cent at Rs63,154 per 10 grams in a business turnover of 14,760 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold was trading 0.20 per cent lower at $2,069.30 per ounce in New York.
On MCX, silver contracts for March delivery declined by Rs625 or 0.84 per cent to Rs73,470 per kg in a business turnover of 16,330 lots. Globally, silver was trading 0.74 per cent lower at USD 23.78 per ounce in New York.