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

Last Updated: Tuesday, May 21, 2013, 12:34
 
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Gold price today: Latest updates

Zee Media Bureau

Gold prices continued their downturn and fell further by Rs 48 to end the week at Rs 25,836 per ten grams in futures trade Saturday as weak global trend triggered speculators for reducing their exposures.

At the Multi Commodity Exchange (MCX), gold for delivery in June slipped further by Rs 48 to settle at Rs 25,836 Rs per ten grams as against its previous close of Rs 25,884.

Similarly, silver for delivery in July moved lower by Rs 174 to close at Rs 42,640 per kg compared to Rs 42,814 on Friday.

Gold prices in overseas markets, which normally set price trend on the domestic front, fell for a seventh straight session on Friday 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 fell by Rs 110 to Rs 26,700 per ten grams on reduced offtake against stockists selling sparked by a weak global trend.

Silver, however, held steady at Rs 43,700 per kg in restricted buying.

Chennai

Standard gold price edged lower by Rs 115 to Rs 26,495 per ten grams as against its previous close of Rs 26,610 .

Likewise, silver closed down by Rs 180 to Rs 43,185 per kg from Rs 43,365.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity fell by Rs 110 each to Rs 26,700 and Rs 26,500 per ten grams, respectively.

Sovereign continued to be asked around previous level of Rs 23,700 per piece of eight gram.

On the other hand, silver ready held steady at Rs 43,700 per kg while weekly-based delivery declined by Rs 300 to Rs 43,655 per kg on lack of speculators buying support.

However, silver coins spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity shed Rs 125 to conclude at Rs 26,120 per 10 gm from overnight closing level of Rs 26,245.

Pure gold of 99.9 percent purity fell by Rs 130 to end at Rs 26,255 per 10 gm from Rs 26,385.

Silver ready (.999 fineness) slumped by Rs 300 to finish at Rs 43,800 per kg from Friday's closing level of Rs 44,100.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June slipped further by Rs 48 to settle at Rs 25,836 Rs per ten grams as against its previous close of Rs 25,884.

Similarly, silver for delivery in July moved lower by Rs 174 to close at Rs 42,640 per kg compared to Rs 42,814 on Friday.

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 26,255 (-135) / SILVER: Rs 43,800 (-300)

Delhi
GOLD: Rs 26,700 (-110)/ SILVER : Rs 43,700 (Unchanged)

Chennai
GOLD: 26,495 (-115) / SILVER: Rs 43,185 (-180)

Kolkata
GOLD: Rs 26,795 (-170) / SILVER: Rs 43,600 (-350)

Bangalore
GOLD: Rs 26,714 (-60) / SILVER: Rs 43,900 (-100)

Hyderabad
GOLD: Rs 27,150 / SILVER: Rs 48,300

With Agency Inputs





First Published: Sunday, May 19, 2013, 09:31


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