Gold price regains Rs 31,000 level in futures trade
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Gold price regains Rs 31,000 level in futures trade

Last Updated: Wednesday, August 21, 2013, 15:47
 
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Gold price regains Rs 31,000 level in futures trade


Zee Media Bureau/Ajeet Kumar

Recovering from their early losses, gold prices reclaimed Rs 31,000 level by rising Rs 268 to Rs 31,080 per 10 grams in futures trade Wednesday due to further depreciation in rupee against the US dollar.

However, weak overseas trend capped the upside.

The rupee on Wednesday plunged further by 131 paise to hit a fresh record low of 64.51 against the US dollar in afternoon trade on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers.

At the Multi Commodity Exchange (MCX), gold for delivery in October gained by Rs 268 to Rs 31,080 per 10 grams as against its previous close of Rs 30,812.

Similarly, silver for delivery in September rose by Rs 455 to Rs 50,914 per kg.

Gold price in overseas markets, which normally set price trend on the domestic front, slipped over 0.5 percent today on uncertainty over whether the US Federal Reserve would begin curbing its economic stimulus from next month.

The yellow metal settled higher yesterday as speculators bought futures to cover their bearish bets ahead of Wednesday's release of the minutes of the Fed's July policy meeting.

Spot gold last traded down 0.60 percent or USD 8.20 at USD 1,363.80 an ounce.

In New York, gold for December delivery rose by USD 6.90 or 0.5 percent to settle at USD 1,372.60 an ounce on the Comex division of the NYMEX.

In Delhi spot market, both gold and silver, fell further on sustained selling by stockists at existing higher levels amid a weak global trend.

While gold fell further by Rs 235 to Rs 31,125 per ten grams in continuation of slide of Rs 165 yesterday, silver by Rs 455 to Rs 50,155 per kg after losing Rs 75 in last trade.

Chennai

Standard gold prices moved lower by Rs 75 to Rs 31,350 per ten grams as against its previous close of Rs 31,425.

Similarly, silver prices slipped by Rs 505 to Rs 52,070 per kg.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity fell further by Rs 235 each to Rs 31,125 and Rs 30,925 per ten grams respectively. Sovereign lost Rs 100 at Rs 24,900 per piece of eight gram.

In line with a general weak trend, silver dropped by Rs 455 to Rs 50,155 per kg and weekly-based delivery by Rs 635 to Rs 49,855 per kg. The white metal had shed Rs 75 in the previous session.

Silver coins also plummeted by Rs 3000 to Rs 3000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity gained by Rs 40 to settle at Rs 31,365 per 10 gm from Saturday's closing level of Rs 31,325.

Pure gold of 99.9 percent purity added Rs 50 to end at Rs 31,520 per 10 gm from Rs 31,470.

Silver ready (.999 fineness) surged by Rs 300 to conclude at Rs 51,785 per kg as against Rs 51,485 last weekend.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in October gained by Rs 268 to Rs 31,080 per 10 grams as against its previous close of Rs 30,812.

Similarly, silver for delivery in September rose by Rs 455 to Rs 50,914 per kg.

International markets

Spot gold last traded down 0.60 percent or USD 8.20 at USD 1,363.80 an ounce.

In New York, gold for December delivery rose by USD 6.90 or 0.5 percent to settle at USD 1,372.60 an ounce on the Comex division of the NYMEX.

Gold ETF

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings climbed 0.20 percent to 914.12 tonnes on Tuesday.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai

GOLD: 31,520 / SILVER: Rs 51,785

Delhi

GOLD: Rs 31,125 (-235) / SILVER: Rs 50,155 (-455)

Chennai

GOLD: Rs 31,350 (-75) / SILVER: Rs 52,070 (-505)

Kolkata

GOLD: Rs 31,970/ SILVER: Rs 50,600

Bangalore

GOLD: Rs 31,378/ SILVER: Rs 51,600

Hyderabad

GOLD: Rs 31,500 / SILVER: Rs 51,500



First Published: Wednesday, August 21, 2013, 09:32


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