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

Last Updated: Saturday, May 04, 2013, 09:20
 
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Gold price today: Latest updates

Zee Media Bureau

Gold price failed to maintain 27K level by slipping Rs 60 in futures trade Friday as speculators trimmed their positions in tandem with overseas trends.

At the Multi Commodity Exchange (MCX), gold for delivery in June, slipped by Rs 60 to Rs 26,854 per ten grams.

However, silver for delivery in July rose by Rs 250 to Rs 44,883 per kg.

Gold prices in overseas markets, which normally set price trend on the domestic front, pared its early gains and settled slightly lower at USD 1,471.70.10 per ounce as better-than-expected US employment figures weighed on yellow metal's safe-haven appeal.

The US unemployment rate has dropped to a four-year low of 7.5 percent, as the economy added 165,000 jobs in April, latest official figures released on Friday said.

However, cut in interest rates by the European Central Bank and US Federal Reserve's decision to stick to its stimulus programme are still supporting bullion's appeal as a hedge against inflation.

The ECB cut its main interest rate by 25 basis points to a record low of 0.50 percent on Thursday, after inflation fell well below the bank's target and weak economic surveys increased doubts about a recovery.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Moreover, gold price showed a smart recovery of Rs 255 in Delhi bullion market, snapping a three-session downtrend, on stockists and retailers buying for the ongoing marriage season in the wake of supportive global sentiment.

While gold jumped by Rs 255 to Rs 27,870 per 10 grams, silver rose by Rs 910 to Rs 46,000 per kg on increased offtake by jewellers and industrial units.

Gold price also reclaimed Rs 27,000 per ten grams level in Mumbai bullion market.

Chennai

Standard gold price recovered by Rs 380 to Rs 27,680 per ten grams as against its previous close of Rs 27,300.

Silver also jumped by Rs 930 to Rs 45,440 from Rs 44,510 per kg.

Mumbai

Standard gold of 99.5 percent purity shot up by Rs 420 to conclude at Rs 27,325 per 10 gms from Thursday's closing level of Rs 26,905.

Pure gold of 99.9 per cent purity also spurted by a similar margin to close at Rs 27,460 per 10 gm from Rs 27,040.

Silver ready (.999 fineness) soared by Rs 685 to end at Rs 46,225 per kg as against Rs 45,540 yesterday.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity recovered sharply by Rs 255 each to Rs 27,870 and Rs 27,670 per 10 grams, respectively. The yellow metal had lost Rs 585 in last threee session.

Sovereigns followed suit and rose by Rs 100 to Rs 24,100 per piece of eight grams.

Similarly, silver ready rebounded by Rs 910 to Rs 46,000 per kg and weekly-based delivery by Rs 975 to Rs 45,000 per kg. The white metal had lost Rs 1,910 in the previous three sessions.

Silver coins also spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June, slipped by Rs 60 to Rs 26,854 per ten grams.

However, silver for delivery in July rose by Rs 250 to Rs 44,883 per kg.

International markets

Spot gold traded down by USD 3.30 or 0.22 percent to USD 1,471.70 per ounce.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Gold ETF

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.56 percent to 1,069.22 tonnes on Thursday -- the lowest since September 2009.

Here are the city wise gold and silver rates:

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

Mumbai
GOLD: Rs 27,460 (+420)/ SILVER: Rs 46,225 (+685)

Delhi
GOLD: Rs 27,870 (+255)/ SILVER: Rs 46,000 (+910)

Chennai
GOLD: 27,730 (+430) / SILVER: Rs 45,555 (+1045)

Kolkata
GOLD: 28,170 (+320) / SILVER: Rs 46,700 ( +900)

Bangalore
GOLD: Rs 27,863 / SILVER: Rs 46,500

Hyderabad
GOLD: Rs 28,000 / SILVER: Rs 48,500

With Agency Inputs




First Published: Friday, May 03, 2013, 12:49


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