Zee Media Bureau
Gold price tumbled by Rs 220 to Rs 27,650 per ten grams in Delhi bullion market Tuesday due to subdued demand by stockists at prevailing levels amid a weak trend in domestic futures market.
While gold plunged by Rs 220 to Rs 27,650 per 10 gm, silver fell by Rs 900 to Rs 45,300 per kg on reduced offtake by jewellers and industrial units.
Meanwhile, gold prices dipped below Rs 27,000 per ten grams level by declining Rs 155 to Rs 26,896 in futures trade today as participants off-loaded their positions, moving in tandem with downtrend in overseas market.
At the Multi Commodity Exchange (MCX), gold for delivery in June, dropped by Rs 200 to Rs 26,941 per ten grams as against its previous close of Rs 27,096.
Similarly, silver for delivery in July dipped below Rs 45,000-level by falling Rs 492 to Rs 44,676 per kg.
Gold prices in overseas markets, which normally set price trend on the domestic front, traded lower by USD 9.70 or 0.66 percent at USD 1,461.60 per ounce as continued outflows in bullion-backed exchange-traded funds coupled with better-than-expected US employment figures weighed on yellow metal's safe-haven appeal.
In New York, gold for June delivery however, climbed by USD 3.80 or 0.3 percent to settle at USD 1,468 an ounce on the Comex division of the NYMEX yesterday.
The US unemployment rate has dropped to a four-year low of 7.5 percent, as the economy added 165,000 jobs in April, latest official figures released on Friday said.
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.Chennai
Standard gold price moved lower by Rs 160 to Rs 27,410 per ten grams as against its previous close of Rs 27,570.
Silver also traded down by Rs 515 to Rs 45,050 from Rs 45,665 per kg.Mumbai
Standard gold of 99.5 percent purity fell by Rs 205 to end at Rs Rs 27,160 per 10 gm from Monday's closing level of Rs 27,365.
Pure gold of 99.9 percent purity also dropped by Rs 195 to conclude at Rs 27,300 per 10 gm from Rs 27,495.
Silver ready (.999 fineness) weakened by Rs 1,070 to finish at Rs Rs 45,340 per kg as against 46,410 yesterday.Delhi
In the national capital, gold of 99.9 and 99.5 percent purity plunged by Rs 220 each to Rs 27,650 and Rs 27,450 per 10 gm, respectively. The yellow metal had gained Rs 120 yesterday.
Sovereign followed suit and fell by Rs 200 to Rs 24,000 per piece of eight gram.
Similarly, silver ready dropped by Rs 900 to Rs 45,300 per kg and weekly-based delivery by Rs 685 to Rs 44,630 per kg. The white metal had gained Rs 200 in the previous session.
However, silver coins continued be asked around previous level of Rs 75,0000 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, dropped by Rs 155 to Rs 26,941 per ten grams as against its previous close of Rs 27,096.
Similarly, silver for delivery in July dropped by Rs 492 to Rs 44,676 per kg. International markets
Spot gold traded down by USD 9.70 or 0.66 percent to USD 1,461.60 per ounce.
In New York, gold for June delivery however, climbed by USD 3.80 or 0.3 percent to settle at USD 1,468 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, said its holdings fell 0.31 percent to 1062.30 tonnes on Monday -- the lowest since August 2009. In terms of ounces, holdings fell to 34,153,901.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 27,300 (-195) / SILVER: Rs 45,340 (1,070) Delhi
GOLD: Rs 27,650 (-220)/ SILVER : Rs 45,300 (-900)Chennai
GOLD: 27,410 (-160) / SILVER: Rs 45,050 (-515)Kolkata
GOLD: Rs 27,770 (-265) / SILVER: Rs 45,300 (-1250)Bangalore
GOLD: Rs 27,692 / SILVER: Rs 45,700Hyderabad
GOLD: Rs 27,860 / SILVER: Rs 48,800
With Agency Inputs
First Published: Tuesday, May 07, 2013, 09:02