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Gold price recovers marginally ahead of ECB meet

Last Updated: Thursday, May 2, 2013 - 13:05

Zee Media Bureau

New Delhi: Gold prices rose marginally in futures trade Thursday but traders remained cautious ahead of ECB meet later today.

The yellow metal fell by Rs 365 as speculators trimmed positions amid weak trend overseas and subdued demand in spot markets.

At the Multi Commodity Exchange (MCX), gold for delivery in June, traded up by Rs 53 to Rs 26,593 per ten grams after moving in range of Rs 26,558- Rs 26,629.

Silver for delivery in July rose by Rs 87 to Rs 44,139 per kg.

Gold and silver prices also fell further in Delhi bullion market due to slow physical demand at prevailing levels amid a weak global trend.

While gold shed another Rs 50 to Rs 27,900 per ten grams, silver lost Rs 135 to Rs 46,600 per kg on lack of buying support.

Gold prices in overseas markets, which normally set price trend on the domestic front, slipped by USD 3.10 or 0.21 percent to USD 1,456 per ounce.

In New York, gold for June delivery traded down by USD 25.90 or 1.8 percent to settle at USD 1,446.20 an ounce on the Comex division of the NYMEX.

Gold futures however, recovered in electronic trading, after closing out the regular trading session at a one-week low as US Federal Reserve made no changes to its bond-buying program.

Just after the Fed announcement, gold prices rose up to to USD 1,455.10 per ounce in electronic trading on Globex.

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.

With PTI Inputs

First Published: Thursday, May 2, 2013 - 10:53
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