Gold price reclaims Rs 32,000 level in Kolkata

Gold prices surged by Rs 305 to Rs 31,930 per ten gram in Delhi bullion market Wednesday.

Last Updated: Oct 25, 2013, 20:04 PM IST

Zee Media Bureau/Ajeet Kumar

Gold prices moved northwards by Rs 59 to Rs 30,180 per ten grams in futures trade Wednesday as some of the market participants created fresh positions even a weakening trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in December gained by Rs 59 to Rs 30,180 per ten grams.

Similarly, silver for delivery in December edged up by Rs 14 to Rs 49,898 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, retreated from four-week high as a slight recovery in the dollar prompted some investors to cash in gains, with a rally sparked by weaker-than-expected US non-farm payrolls data running out of steam.

The yellow metal rose nearly 2 percent on Tuesday while the dollar index hit eight-month lows and stock markets rallied, after weak US jobs data cemented expectations for the Federal Reserve to keep its stimulus measures in place until next year.

Spot gold last traded down 0.33 percent or USD 4.40 at USD 1,337.80 an ounce.

In New York, gold for December delivery moved lower by USD 8 or 0.57 percent to USD 1,335 an ounce on the Comex division of the NYMEX.

Meanwhile, gold prices surged by Rs 305 to Rs 31,930 per ten gram in Delhi bullion market on brisk buying by stockists and jewellers to meet the rising seasonal demand amid strong global trend.

Silver too zoomed by Rs 1,190 to Rs 50,200 per kg on increased offtake by industrial units and coin makers for coming festivals led by Diwali and ongoing marriage season.

At Kolkata bullion market, gold prices retraced Rs 32,000 level.