Gold price today: Latest updates
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Gold price today: Latest updates

Last Updated: Tuesday, July 02, 2013, 12:33
 
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Gold price today: Latest updates

Zee Media Bureau

Gold prices in futures trade manged to regain 25,000-level by recouping most part of their early losses in post evening session of trade Friday as market players covered their short positions in tandem with a firming global trend.

At the Multi Commodity Exchange (MCX), gold for delivery in August traded down by Rs 7 at Rs 25,368 per ten grams after moving in range of Rs 24,830-25,470.

However, silver for delivery in July moved higher by Rs 196 to Rs 38,992 per kg.

According to Shiv Shrivastava, MD & CEO, IGuru Research, next target for the yellow metal will be Rs 24,600.

He, however, mentioned that in the medium term domestic prices may see more downside as compared to overseas market as sustained weakness in rupee will prompt RBI to take necessary steps, which may lastly give some boost to Indian currency against US dollar.

Gold price in overseas markets, which normally set price trend on the domestic front, fell below USD 1,200 today to its lowest since August 2010 before recovering, and is on track to post its worst quarter since at least 1968 on persistent worries over the US Federal Reserve's plan to wind down its monetary stimulus.

The yellow metal has taken a beating since the beginning of last week - losing as much as 15 percent, or about USD 200 an ounce - after Fed Chairman Ben Bernanke laid out a strategy to roll back the bank's USD 85 billion monthly bond purchases in the face of a recovering economy.

Spot gold fell to a near three-year trough of USD 1,180.71 before gaining USD 15.70 or 1.31 percent to USD 1,217.50.

In New York, gold for August delivery dropped 18.20 or 0.86 percent to settle at USD 1,211.60 an ounce on the Comex division of the NYMEX yesterday.

In Delhi spot market, gold prices tumbled to a 23-month low by losing Rs 1,150 to Rs 25,650 per 10 grams on heavy selling by stockists and investors, triggered by a steep fall in overseas markets.

All round selling by stockists on free-fall in overseas markets and investors shifting their funds to surging equities mainly pulled down the gold prices to a level last seen on August 9, 2011.

Silver also dropped by Rs 1,490 to trade below Rs 40,000 at Rs 39,010 per kg on poor offtake by jewellers and coins makers.

Chennai

Standard gold prices declined by Rs 980 to Rs 25,440 per ten grams as against its previous close of Rs 26,420.

Similarly, silver prices plunged by Rs 715 to Rs 39,320 per kg from Rs 40,035.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity registered a hefty fall of Rs 1,150 each to Rs 25,650 and Rs 25,450 per 10 grams, respectively. Sovereigns declined by Rs 200 to Rs 23,800 per piece of eight grams.

In line with a gold trend, silver ready dropped by Rs 1,490 to Rs 39,010 per kg while weekly-based delivery rose by Rs 130 to Rs 39,700 per kg.

Silver coins also nosedived by Rs 2,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity plunged by a massive Rs 880 to end at Rs 25,130 per 10 gm, a level not seen in 22 months, from Thursday's closing level of Rs 26,010.

Pure gold of 99.9 percent purity also tanked by a similar margin to close at Rs 25,265 per 10 gm from Rs 26,145 yesterday.

Silver ready (.999 fineness) declined by Rs 260 to finish at Rs 40,190 per kg from Rs 40,450 previously.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in August traded down by Rs 7 at Rs 25,368 per ten grams after moving in range of Rs 24,830-25,470.

However, silver for delivery in July moved higher by Rs 196 to Rs 38,992 per kg.

International markets

Spot gold fell to a near three-year trough of USD 1,180.71 before gaining USD 15.70 or 1.31 percent to USD 1,217.50.

In New York, gold for August delivery dropped 18.20 or 0.86 percent to settle at USD 1,211.60 an ounce on the Comex division of the NYMEX yesterday.

Gold ETF

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at near four-year low for a second consecutive day on Thursday. The fund has recorded unprecedented outflows of 12.26 million ounces so far this year, down 28 percent to 31.7 million ounces.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai

GOLD: 25,265 (-880) / SILVER: Rs 40,190 (-260)

Delhi

GOLD: Rs 25,650 (-1,150) / SILVER: Rs 39,010 (-1,490)

Chennai

GOLD: Rs 26,420 25,440 (-980) / SILVER: Rs 39,320 ( -715)

Kolkata

GOLD: Rs 25,740 (-855) / SILVER: Rs 39,600 (-300)

Bangalore

GOLD: Rs 26,663 / SILVER: Rs 40,600

Hyderabad

GOLD: Rs 27,400 26,000 ( -1,400) / SILVER: Rs 40,000

With Agency Inputs



First Published: Friday, June 28, 2013, 13:33


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