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

Last Updated: Wednesday, May 22, 2013, 13:05
 
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Gold price today: Latest updates


Zee Media Bureau

Gold prices failed to retain Rs 26K level by falling Rs 239 to Rs 25,849 per ten grams in futures trade Tuesday as speculators cut their exposures in line with weak global trend.

At the Multi Commodity Exchange (MCX), gold for delivery in June dropped by Rs 239 to Rs 25,849 per ten grams after moving in range of Rs 25,845- Rs 26,255. Yesterday the contract was closed at Rs 26,088.

Gold prices also hit a session low of Rs 25,373 yesterday, a level last seen on April 18.

Similarly, silver for delivery in July fell by Rs 667 to Rs 42,596 per kg after making a high of Rs 43,440. The white metal settled at Rs 43,263 on Monday.

Gold prices in overseas markets, which normally set price trend on the domestic front, drifted lower by 1.5 percent for an eighth session out of nine Tuesday on a firm dollar and speculation that the US Federal Reserve might rein in its stimulus programmer.

Spot gold was last trading down USD 25.80 at USD 1,358.50, unable to sustain initial gains around the USD 1,400 level.

It touched its weakest since April 16 at USD 1,338.95 on Monday, before gaining 2.6 percent in US trade and snapping a seven-session slide that was its longest losing streak since March 2009.

The market will now focus on congressional testimony on the US economy by Federal Reserve Chairman Ben Bernanke and minutes of the US central bank's April meeting, due later this week.

Through Friday, the most actively traded June contract had dropped by USD 109 over the past seven sessions. The last time gold fell for eight consecutive sessions was in 2009.

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, gold prices today jumped sharply by Rs 680 to Rs 27,050 per ten grams on heavy buying by stockists and retail customers amid a sharp rebound on the global front.

Recovering from from a 31-month low, silver also spurted by Rs 2,030 to Rs 44,200 per kg. Gold had plunged to 21-month low in the previous session.

Chennai

Standard gold price recovered by Rs 415 to Rs 26,580 per ten grams as against its previous close of Rs 26,165.

Likewise, silver jumped by Rs 1,980 to Rs 43,595 per kg from Rs 41,615 .

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity rebounded by Rs 680 each to Rs 27,050 and Rs 26,850 per ten grams respectively.

The metal had lost Rs 440 in last two session. Sovereign followed suit and gained Rs 200 to Rs 23,700 per piece of eight gram.

In a similar fashion, silver ready spurted by Rs 2030 to Rs 44,200 per kg and weekly-based delivery by Rs 2205 to Rs 43,375 per kg. The metal had lost Rs 1,530 yesterday.

Silver coins jump of Rs 3,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity jumped by Rs 460 to conclude at Rs 26,360 per 10 gm from Monday's closing level of Rs 25,900.

Pure gold of 99.9 percent purity rallied by Rs 455 to close at Rs 26,505 from Rs 26,050.

Silver ready (.999 fineness) galloped by Rs 1,145 to finish at Rs 44,115 per kg from overnight closing level of Rs 42,970.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June dropped by Rs 239 to Rs 25,849 per ten grams after moving in range of Rs 25,845- Rs 26,255. Yesterday the contract was closed at Rs 26,088.

Gold prices also hit a session low of Rs 25,373 yesterday, a level last seen on April 18.

Similarly, silver for delivery in July fell by Rs 667 to Rs 42,596 per kg after making a high of Rs 43,440. The white metal settled at Rs 43,263 on Monday.

International markets

Spot gold was last trading down USD 25.80 at USD 1,358.50, unable to sustain initial gains around the USD 1,400 level.

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 stood at 1,031.50 tonnes on Monday, the lowest in more than four years.

Holdings of the largest silver ETF, the iShares Silver Trust are at the lowest since mid-January.

Here are the city wise gold and silver rates:

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

Mumbai
GOLD: Rs 26,505 (+455) / SILVER: Rs 44,115 (1,145)

Delhi
GOLD: Rs 27,050 (+680) / SILVER: Rs 44,200 (+2,030)

Chennai
GOLD: 26,580 (+415) / SILVER: Rs 43,595 (+1,980)

Kolkata
GOLD: Rs 26,455 / SILVER: Rs 42,600

Bangalore
GOLD: Rs 26,851 / SILVER: Rs 44,100

Hyderabad
GOLD: Rs 27,000 / SILVER: Rs 46,000

With Agency Inputs



First Published: Tuesday, May 21, 2013, 13:01


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