Gold price recovers from early losses; hovering above Rs 30,200

Zee Media Bureau/Ajeet Kumar

New Delhi: Gold prices recovered from early losses and quoted higher by Rs 58 to Rs 30,217 per ten grams in futures trade Friday as some of the speculators created fresh positions, in tandem with a firming trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in December gained by Rs 58 to Rs 30,217 per ten grams after moving in range of Rs 30,015- Rs 30,240.

Similarly, silver for delivery in December moved up by Rs 332 to Rs 44,460 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, edged up today but was headed for its biggest monthly drop since June as a recovering US economy prompted investors to shift money to rallying equities, amid expectations of an end to easy central bank money.

The yellow metal has shed 6 percent for the month and has lost more than a quarter of its value so far this year, which puts it on track to post its first annual loss in 13 years.

Spot gold last traded up 0.18 percent or USD 2.20 at USD 1,248.20 an ounce.

Meanwhile, gold prices fell by Rs 210 to Rs 31,215 per ten gram at Delhi bullion market on sustained selling by stockists on reduced offtake at higher levels amid weakening global trend.

Silver prices too dropped by Rs 480 to Rs 44,800 per kg on reduced offtake by jewellers and coin makers.