Gold price dips below Rs 29,500; plunges over Rs 700
Zee Media Bureau/Ajeet Kumar
New Delhi: Gold prices settled below Rs 29,500 level by falling Rs 711 to Rs 29,493 per ten grams in futures trade Friday as market participants offloaded their positions in tandem with a weakening trend overseas.
Rupee's appreciation against dollar also weighed on bullion prices.
At the Multi Commodity Exchange (MCX), gold for delivery in October declined by Rs 711 to close at Rs 29,493 per ten grams as against its previous close of Rs 30,204 .
Similarly, silver for delivery in December dropped by Rs 456 to Rs 48,197 per Kg.
Gold price in overseas markets, which normally set price trend on the domestic front, slipped nearly 0.5 percent as the US dollar recovered from two-month low and investors braced for the political stalemate in Washington to drag on for another week.
Spot gold last quoted at USD 1,310.53 an ounce, down 0.5 percent.
In New York, gold for December delivery declined by USD 7.7 or 0.6 percent to settle at USD 1,309.9 an ounce on the Comex division of the NYMEX. The market notched a loss of over 2 percent on the week.
Meanwhile, gold prices fell by Rs 290 to Rs 30,310 per ten grams in Delhi bullion market owing to slackened demand amid strengthening of the rupee against the US dollar.
Silver also tumbled by Rs 1,030 to Rs 48,220 per kg in continuation of a loss of Rs 430 in last three sessions on reduced offtake by industrial units.