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

Last Updated: Tuesday, May 07, 2013, 11:48
 
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Gold price today: Latest updates


Zee Media Bureau

Gold prices on Saturday failed to extend yesterday's gains and fell by Rs 120 to settle at Rs 27,750 per ten grams in Delhi bullion market on subdued stockists and retailers buying.

However, silver held steady at Rs 46,000 per kg in restricted buying from industrial units and coin makers.

Gold price also fell by Rs 175 to Rs 27,285 per ten grams in Mumbai bullion market.

Meanwhile, gold price recovered by Rs 133 to end the week at Rs 26,962 per ten grams in futures trade as renewed physical buying in spot markets triggered speculators to enlarge their positions at prevailing levels.

Silver also succeeded to reclaim Rs 45,000 per kg level.

At the Multi Commodity Exchange (MCX), gold for delivery in June, moved higher by Rs 137 to Rs 26,962 per ten grams.

Similarly, silver for delivery in July rose by Rs 250 to Rs 45,177 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.

In New York, gold for June delivery traded down by USD 3.40 or 0.20 percent to settle at USD 1,464.20 an ounce on the Comex division of the NYMEX.

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 coupled with rising physical demand help the yellow metal end the week 0.7 percent higher by 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.

Chennai

Standard gold price moved lower by Rs 125 to Rs 27,605 per ten grams as against its previous close of Rs 27,730.

Silver however, extended gains by Rs 20 to Rs 45,575 from Rs 45,555 per kg.

Mumbai

Standard gold of 99.5 percent purity declined by Rs 175 to conclude at Rs 27,150 per 10 gms from Friday's closing level of Rs 27,325.

Pure gold of 99.9 percent purity also rose by a similar margin to close at Rs 27,285 per 10 gm from Rs 27,460.

Silver ready (.999 fineness) edged higher by Rs 50 to end at Rs 46,275 per kg as against Rs 46,225 yesterday.

Delhi

In the national capital, Gold of 99.9 and 99.5 percent purity fell by Rs 120 each to Rs 27,750 and Rs 27,550 per ten grams respectively. It had gained Rs 255 yesterday.

Sovereign followed suit and shed Rs 100 to Rs 24,000 per piece of eight gram.

On the other hand, silver ready held steady at Rs 46,000 per kg while weekly-based delivery rose by Rs 160 to Rs 45,160 per kg on speculative buying support.

Silver coins met with resistance at prevailing higher levels and dropped by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June, moved higher by Rs 137 to Rs 26,962 per ten grams.

Similarly, silver for delivery in July rose by Rs 250 to Rs 45,177 per kg.

International markets

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

In New York, gold for June delivery traded down by USD 3.40 or 0.20 percent to settle at USD 1,464.20 an ounce on the Comex division of the NYMEX.

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 27,285 (-175)/ SILVER: Rs 46,275 (+50)

Delhi
GOLD: Rs 27,750 (-120)/ SILVER: Rs 46,000 (unchanged)

Chennai
GOLD: 27,605 (-125) / SILVER: Rs 45,575 (+20)

Kolkata
GOLD: 27,900 (-270) / SILVER: Rs 46,400 (-300)

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

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

With Agency Inputs




First Published: Saturday, May 04, 2013, 09:04


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