Gold price retraces Rs 30,000 level in futures trade
Zee Media Bureau
New Delhi: Gold prices managed to reclaim Rs 30,000 level by recovering Rs 211 to Rs 30,004 per ten grams in futures trade Friday as market participants enlarged their positions, in tandem with a trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in December gained by Rs 211 to Rs 30,004 per ten grams.
Similarly, silver for delivery in December moved higher by Rs 265 to Rs 48,696 per Kg.
Gold price in overseas markets, which normally set price trend on the domestic front, was quoted up marginally, after sharp losses in the previous session caused by month-end profit taking, strong US economic data and a higher dollar.
The yellow metal is headed for a 2 percent weekly drop - its first in three weeks - with expectations the Federal Reserve will maintain its economic stimulus now factored in.
Spot gold last traded up USD 3.50 or 0.26 percent at USD 1,327.20 an ounce, after falling to its lowest since Oct. 22 at USD 1,321.34 yesterday.
In New York, gold for December delivery tumbled by USD 25.60 or 1.9 percent to settle at USD 1,323.70 an ounce on the Comex division of the NYMEX yesterday.
Meanwhile, gold prices tumbled by Rs 260 to Rs 31,450 per ten grams in Delhi bullion market on heavy selling by stockists, triggered by weak global trend.
Silver also fell by Rs 550 to Rs 49,550 per kg on lack of buying support from industrial units and coin manufacturers at prevailing higher levels.