Gold futures extend early gains, rise over Rs 200
Zee Media Bureau
Gold prices moved northwards by Rs 217 to Rs 28,671 per ten grams in futures trade Thursday as market participants enlarged their positions in tandem with a firming trend overseas.
Depreciation in rupee against US dollar also supported yellow metal prices. The rupee today dropped for the first time in four sessions and fell 37 paise to close at 62.16 against the dollar.
At the Multi Commodity Exchange (MCX), gold for delivery in February rose by Rs 217 to Rs 28,671 per ten grams after moving in range of Rs 28,455- Rs 28,691.
Similarly, silver for delivery in March gained by Rs 1,008 to Rs 45,000 per Kg.
Gold in overseas markets, which normally set price trend on the domestic front, moved up by nearly 1 percent today, but it is down nearly 28 percent for the year, and is headed for its worst annual fall in 32 years.
Spot gold last traded up USD 9.70 or 0.80 percent at USD 1,216 an ounce.
In New York, gold for February delivery traded up by USD 11 or 0.89 percent at USD 1,214 an ounce on the Comex division of the NYMEX.
The yellow metal plunged to a six-month low of USD 1,185.10 last week after the Fed announced it would begin tapering its USD 85 billion in monthly bond purchases from next month, before recovering slightly on short-covering.
Meanwhile, gold dropped by Rs 275 to Rs 29,900 per ten grams at Delhi bullion market, the level last seen on August 14.
However, silver added Rs 310 to Rs 44,000 per kg on increased offtake by industrial units and coin makers.
In Mumbai, gold of 99.9 and 99.5 percent purity traded lower at Rs 29,940 and Rs 29,800 per ten grams, respectively, while silver enquired at Rs 44,440 per kg.