Gold trying to build base at Rs 28K
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Gold trying to build base at Rs 28K

Last Updated: Friday, August 09, 2013, 10:44
 
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Gold trying to build base at Rs 28K

Ajeet Kumar

Failing to maintain early gains, gold prices moved lower by Rs 49 to Rs 27,355 per ten grams in futures trade Friday as market participants trimmed their positions, closely in tandem with a weakening trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in August slipped by Rs 49 to Rs 27,355 per ten grams as against its previous close of Rs 27,417.

Similarly, silver for delivery in September dropped by Rs 394 to Rs 41,044 per kg compared to Rs 41,445 on Thursday.

'Not wise to invest in gold at current level'

Gold price in overseas markets, which normally set price trend on the domestic front, failed to extend gains for a second day on Friday but was headed for its third straight weekly gain.

Spot gold last traded down USD 6.40 or 0.48 percent at USD 1,328.70 an ounce, after moving in range of USD 1,325.10 - USD 1,340.40 per ounce. It had gained about 1 percent in the previous session.

In New York, gold or August delivery rose USD 9.30 or 0.7 percent to settle at USD 1,328.80 an ounce, logging its first advance in three sessions on the Comex division of the NYMEX yesterday.

In Delhi spot market, both the precious metals, gold and silver rebounded on fresh buying by stockists driven by a firm global trend.

While gold recovered by Rs 325 to Rs 28,145 per ten grams, silver gained Rs 125 to Rs 41,350 per kg on increased offtake by industrial units and coin makers.

Mumbai

Standard gold of 99.5 percent purity dropped Rs 260 to conclude at Rs 27,505 per 10 gm from Wednesday's closing level of Rs 27,765.

Pure gold of 99.9 percent purity shed Rs 255 to end at Rs 27,645 per 10 gm from Rs 27,900.

Silver ready (.999 fineness) tanked Rs 825 to finish at Rs 41,520 per kg compared to Rs 42,345 yesterday.

Chennai

Standard gold prices moved higher by Rs 455 to Rs 27,905 per ten grams as against its previous close of Rs 27,450.

Similarly, silver prices increased by Rs 440 to Rs 41,170 per kg from Rs 40,730.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity rebounded by Rs 325 each to Rs 28,145 and Rs 27,945 per ten grams, respectively.

The yellow metal had lost Rs 545 in last two sessions. Sovereign followed suit and rose by Rs 200 to Rs 24,400 per piece of eight gram.

In line with a general firm trend, silver ready recovered by Rs 125 to Rs 41,350 per kg and weekly-based delivery by Rs 190 to Rs 41,280 per kg. The white metal had lost Rs 895 in the previous two sessions.

Silver coins also spurted by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in August slipped by Rs 49 to Rs 27,355 per ten grams as against its previous close of Rs 27,417.

Similarly, silver for delivery in September dropped by Rs 394 to Rs 41,044 per kg compared to Rs 41,445 on Thursday.

International markets

Spot gold last traded down USD 6.40 or 0.48 percent at USD 1,328.70 an ounce, after moving in range of USD 1,325.10 - USD 1,340.40 per ounce. It had gained about 1 percent in the previous session.

In New York, gold or August delivery rose USD 9.30 or 0.7 percent to settle at USD 1,328.80 an ounce, logging its first advance in three sessions on the Comex division of the NYMEX yesterday.

Gold ETF

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell by 0.26 percent to 927.36 tonnes on Thursday.

Here are the city wise gold and silver rates:

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

Mumbai

GOLD: 27,645 (-255) / SILVER: Rs 41,520 (-825)

Delhi

GOLD: Rs 28,145 (+325) / SILVER: Rs 41,350 (+125)

Chennai

GOLD: Rs 27,905 (+455) / SILVER: Rs 41,170 (+440)

Kolkata

GOLD: Rs 27,835 / SILVER: Rs 40,800

Bangalore

GOLD: Rs 27,777/ SILVER: Rs 41,600

Hyderabad

GOLD: Rs 28,300 / SILVER: Rs 43,400



First Published: Friday, July 26, 2013, 11:01


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