Gold price recovers from early losses
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Gold price recovers from early losses

Last Updated: Friday, October 25, 2013, 20:41
 
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Gold price recovers from early losses

Zee Media Bureau/Ajeet Kumar

Recovering from their early slide, gold prices edged higher by Rs 32 to Rs 30,5594 per ten grams in futures trade Friday as some of the market participants enlarged their positions, in tandem with a firming trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in December gained by Rs 32 to Rs 30,594 per ten grams.

Silver for delivery in December declined by Rs 577 to Rs 49,530 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, set for a second week of gains on the view that sluggish US data would persuade the Federal Reserve to keep its stimulus intact until well into 2014.

Spot gold last traded up USD 0.90 or 0.07 percent at USD 1,349.20 an ounce, was not too far from its highest since Sept. 20 at USD 1,351.61 hit on Thursday, when it benefited from weaker-than-expected US jobless claims data.

It was headed for a 2 percent gain on the week.

Meanwhile, snapping two-day gains, gold prices fell by Rs 10 to Rs 32,400 per ten gram in Delhi bullion market on reduced offtake at existing higher levels amid a weak global trend.

Silver also dropped by Rs 750 to Rs 49,450 per kg on lack of buying support from industrial units and coin makers.



First Published: Friday, October 25, 2013, 20:39


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