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Gold price reclaims Rs 29,000 level in futures trade; zooms by Rs 446

Last Updated: Thursday, October 17, 2013 - 18:50

Zee Media Bureau/Ajeet Kumar

New Delhi: Gold prices reclaimed Rs 29,000 level by rising Rs 446 to Rs 29,394 per ten grams in futures trade Thursday as market participants enlarged their positions in tandem with a firmimg trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in December zoomed by Rs 446 to Rs 29,394 per ten grams.

Similarly, silver for delivery in December rose by Rs 769 to Rs 48,141 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, rushed to a one-week high today, aided by dollar weakness and belief that a temporary deal to avoid historic US debt default might also prompt the Federal Reserve to hold back from reducing its additional monetary stimulus.

Spot gold surged quickly to a one-week high just shy of USD 1,320 per ounce up more than 2.5 percent on the day, while the December COMEX gold futures contract touched a high of USD 1,320.50.

The dollar slid against a basket of major currency rivals, and was last down 0.7 percent.

Meanwhile, gold prices gained by Rs 650 to Rs 31,200 per ten gram in Delhi bullion market on heavy purchases by stockists and retailers for the marriage season and approaching 'Diwali' festival.

Silver followed suit and rose by Rs 230 to Rs 47,280 per kg on increased buying by industrial units and coin makers.

First Published: Thursday, October 17, 2013 - 15:23
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