Gold price today: Latest updates

Gold price tumbled by Rs 285 to Rs 27,615 per 10 grams. Silver plunged by Rs 1,510 to Rs 45,090 per kg on poor offtake by industrial units and coin makers.

Zee Media Bureau

Extending losses for the third consecutive trading session, gold price tanked further by Rs 285 in Delhi bullion market Thursday due to frantic selling by stockists, triggered by a weak global trend.

While gold weakened by Rs 285 to Rs 27,615 per 10 grams, silver plunged by Rs 1,510 to Rs 45,090 per kg on poor offtake by industrial units and coin makers.

Meanwhile, gold prices manged to recover marginally from their yesterday's losses in futures trade today as speculators enlarged positions on renewed physical buying.

However, weak overseas trend coupled with continuous outflows from ETFs continued to pressurize sentiments.

Traders are also cautious ahead of European Central Bank (ECB) policy meeting later today.

At the Multi Commodity Exchange (MCX), gold for delivery in June, traded up by Rs 198 to Rs 26,738 per ten grams.

Silver for delivery in July rose by Rs 616 to Rs 44,668 per kg.

Gold prices in overseas markets, which normally set price trend on the domestic front, slipped by USD 0.20 or 0.01 percent to USD 1,458.90 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.

Mumbai

Standard gold of 99.5 percent purity slid Rs 640 to Rs 26,790 per 10 gm from Tuesday's closing level of Rs 27,150.

Pure gold of 99.9 percent purity also dipped by a similar margin to Rs 26,925 per 10 gm from Rs 27,285.

Silver ready (.999 fineness) tumbled by Rs 1,395 to Rs 44,930 per kg from Rs 46,325 previously.

Chennai

Standard gold price moved lower by Rs 280 to Rs 27,455 per ten grams as against its previous close of Rs 27,735.

Silver also fell by Rs 640 to Rs 44,490 from Rs 46,130 per kg.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity plunged by Rs 285 each to Rs 27,615 and Rs 27,415 per 10 grams, respectively, after losing Rs 300 in last two days.

Sovereigns fell by Rs 200 to Rs 24,000 per piece of eight grams.

Silver ready dropped by Rs 1,510 to Rs 45,090 per kg and weekly-based delivery by Rs 810 to Rs 44,025 per kg. The white metal had lost Rs 400 in the previous two session.

Silver coins also tumbled by Rs 1000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June, traded up by Rs 198 to Rs 26,738 per ten grams.

Silver for delivery in July rose by Rs 616 to Rs 44,668 per kg.

International markets

Spot gold slipped by USD 0.20 or 0.01 percent to USD 1,458.90 per ounce.

In New York, gold for June delivery moved higher 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 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.

Gold ETF

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, posted their biggest monthly outflow in tonnage terms in 8-1/2 years in April.

The yellow metal held by the SPDR Gold Trust dropped by around 143 tonnes in April from March - valued at USD 6.6 billion at Wednesday's prices - for its biggest monthly decline since its launch in November 2004.

It now held 1,078.5 tonnes of gold, the lowest level since 2009, versus 1,221.26 tonnes at the end of March.

The world's largest gold-backed exchange-traded fund also failed to retain the No. 2 spot among the largest exchange-traded funds.

Here are the city wise gold and silver rates:

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

Mumbai
GOLD: Rs 27,925 (-640)/ SILVER: Rs 44,930 (-1,395)

Delhi
GOLD: Rs 27,615 ( -285)/ SILVER: Rs 45,090 (-1,510)

Chennai
GOLD: 27,300 (-435) / SILVER: Rs 44,510 (-1,620)

Kolkata
GOLD: 27,850 (-405) / SILVER: Rs 45,800 ( -1,200)

Bangalore
GOLD: Rs 27,734 (-180) / SILVER: Rs 46,800 (-400)

Hyderabad
GOLD: Rs 28,200 / SILVER: Rs 48,500 (-500)

With Agency Inputs