Gold price extends recovery, settles at Rs 28,454
Zee Media Bureau
Gold futures extended their recovery in second half of trade Tuesday as some of the market participants created fresh positions in tandem with a firming trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in February rose by Rs 90 to settle at Rs 28,454 per ten grams after moving in range of Rs 28,282- Rs 28,479.
Similarly, silver for delivery in March gained by Rs 79 to Rs 43,992 per Kg.
Gold in overseas markets, which normally set price trend on the domestic front, moved higher by 0.5 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 6.30 or 0.53 percent at USD 1,205.70 an ounce, after falling 0.3 percent yesterday.
In New York, gold for February delivery quoted higher by USD 7 or 0.58 percent at USD 1,204 an ounce on the Comex division of the NYMEX.
It 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, extending losses for the second straight day, gold fell by Rs 175 to Rs 30,050 per ten grams at Delhi bullion market on sustained selling by stockists amid weakening global trend.
Silver also declined for the second consecutive session by Rs 120 to Rs 43,550 per kg on reduced offtake by jewellers and industrial units.