Gold prices settled lower by Rs 60 to Rs 27,866 per 10 grams futures trade Tuesday as speculators offloaded their positions amid a firm global trend.
Zee Media Bureau
New Delhi: Gold prices settled lower by Rs 60 to Rs 27,866 per 10 grams futures trade Tuesday as speculators offloaded their positions amid a firm global trend.
At the Multi Commodity Exchange (MCX), gold for delivery in August slipped by Rs 60 or 0.21 percent to settle at Rs 27,866 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, fell below USD 1,300 per ounce as investors nervously awaited the end of US Federal Reserve's two-day policy meeting on Wednesday to see if the central bank will raise interest rates faster than expected.
Spot gold was down 0.4 percent at USD 1,299.10 an ounce after rising to as high as USD 1,312.10 earlier in the day.
The most-active US gold futures contract also settled down 0.4 percent at USD 1,298.30.
The FOMC will issue a statement on Wednesday that will be studied closely for clues on when the central bank is likely to start raising rates.
US second-quarter GDP data, due on Wednesday, and July employment numbers due on Friday are other indicators the market will be watching.
Meanwhile, gold prices declined by Rs 20 to Rs 28,350 per ten gram at Delhi bullion amrket owing to slackened demand at existing levels amid a weak global trend.
Silver also lacked necessary buying support from industrial units and eased by Rs 400 at Rs 44,400 per kg.
Gold of 99.9 and 99.5 percent purity traded lower by Rs 20 each to Rs 28,350 and Rs 28,150 per ten gram respectively. It had gained Rs 270 in the previous two days. Sovereign, however, held steady at Rs 24,900 per piece of eight gram.
In line with a general weak trend, silver ready prices drifted by Rs 400 at Rs 44,400 per kg and weekly-based delivery by Rs 200 to Rs 44,170 per kg, while silver coins remained flat at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
Spot gold was down 0.4 percent at USD 1,299.10 an ounce after rising to as high as USD 1,312.10 earlier in the day. The most-active US gold futures contract also settled down 0.4 percent at USD 1,298.30.
Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)
GOLD: Rs 27,980 / SILVER: Rs 45,160
GOLD: Rs 28,350 / SILVER: Rs 44,400
GOLD: Rs 28,380/ SILVER: Rs 44,255
GOLD: Rs 28,390/ SILVER: Rs 44,600
GOLD: Rs 28,497/ SILVER: Rs 45,300
GOLD: Rs----/ SILVER: Rs------