Gold price today: Latest updates
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Gold price today: Latest updates

Last Updated: Sunday, May 19, 2013, 09:10
 
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Gold price today: Latest updates


Zee Media Bureau

Gold prices dropped past Rs 26,000 level by sinking Rs 247 to Rs 25,884 per ten grams in futures trade Friday as market players indulged in reducing exposures, closely in tandem with a weak global trend where the yellow metal dipped to one-month low as the stronger dollar, rally in stocks coupled with better US data continued to curb gold’s attraction for investors.

At the Multi Commodity Exchange (MCX), gold for delivery in June fell further by Rs 247 to Rs 25,884 as against its previous close of Rs 26,131.

Similarly, silver for delivery in July dropped by Rs 448 to Rs 42,814 per kg compared to Rs 43,262 on Thursday.

Gold prices in overseas markets, which normally set price trend on the domestic front, fell for a seventh straight session as the dollar strengthened and investors cut exposure to the metal, sending holdings in exchange-traded funds to their lowest in four years.

Spot gold was down USD 25.70 or 1.85 percent at USD1, 361.20 an ounce after hitting an intra-day low of USD 1,354.60 per ounce.

Including Friday’s loss, prices have eased USD 109 in seventh straight trading sessions, their longest losing streak since March 2009.

The drops have already helped to fuel another scramble for bullion that has push Asian premiums for physical gold to record high.

In New York, gold for June delivery moved down by USD 22.20 to settle at USD 1,364.70 an ounce on the Comex division of the NYMEX.

Gold is less than USD 50 away from two-year low hit in mid-April. Prices have fallen nearly 18 percent this year and are well below a record top near USD 1,920 struck in September 2011.

The US dollar soared against major currencies on Friday on growing speculation that the Federal Reserve could soon begin to rein in its bond-buying program and after data showed US consumer sentiment hit an almost six-year high in early May.

Meanwhile, Ric Deverell, head of commodities research at Credit Suisse Group AG, predicted that gold will be trading at USD 1,100 an ounce in a year and below USD 1,000 in five years.

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.

In spot market of Delhi, gold prices recovered by Rs 10 to Rs 26,810 per 10 grams after two days of steep fall on low level buying by retailers.

However, silver held steady at Rs 43,700 per kg in restricted buying from industrial units and coin makers.

Chennai

Standard gold price moved higher by Rs 30 to Rs 26,610 per ten grams as against its previous close of Rs 26,580.

Likewise, silver recovered by Rs 475 to Rs 43,365 per kg from Rs 42,890.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity recovered by Rs 10 each to Rs 26,810 and Rs 26,610 per 10 grams, respectively. It had plummeted by Rs 1,100 in last two sessions. Sovereigns ruled flat at Rs 23,700 per piece of eight grams.

On the other hand, silver ready held steady at Rs 43,700 per kg and weekly-based delivery shed Rs 45 to Rs 42,955 per kg, while silver coins held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity gained Rs 35 to end at Rs 26,245 per 10 gm from Thursday's closing level of Rs 26,210.

Pure gold of 99.9 percent purity also gained by a similar margin to finish at Rs 26,385 per 10 gm from Rs 26,350.

Silver ready (.999 fineness) rose by Rs 470 to conclude at Rs 44,100 per kg as compared to Rs 43,630 yesterday.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June fell further by Rs 247 to Rs 25,884 as against its previous close of Rs 26,131.

Similarly, silver for delivery in July dropped by Rs 448 to Rs 42,814 per kg compared to Rs 43,262 on Thursday.

International markets

In New York, gold for June delivery moved down by USD 22.20 to settle at USD 1,364.70 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 0.55 percent to 1041.42 tonnes on Thursday - the lowest in four years.

Here are the city wise gold and silver rates:

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

Mumbai
GOLD: Rs 26,385 (+35) / SILVER: Rs 44,100 (+470)

Delhi
GOLD: Rs 26,810 (+10)/ SILVER : Rs 43,700 (Unchanged)

Chennai
GOLD: 26,610 (+30) / SILVER: Rs 43,365 (+475)

Kolkata
GOLD: Rs 26,965 (-85) 27,050 / SILVER: Rs 43,950 ( +400)

Bangalore
GOLD: Rs 26,774 / SILVER: Rs 44,000

Hyderabad
GOLD: Rs 27,000 / SILVER: Rs 45,000

With Agency Inputs



First Published: Friday, May 17, 2013, 09:07


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