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

Last Updated: Saturday, June 08, 2013, 20:21
 
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Gold price today: Latest updates



Zee Media Bureau

Gold prices recovered marginally by Rs 48 to end the week at Rs 27,580 per ten grams in futures trade Saturday on selective short covering by market players.

At the Multi Commodity Exchange (MCX), gold for delivery in June edged higher by Rs 48 to Rs 27,580 per ten grams against its previous close of Rs 27,532.

However, silver for delivery in July continued to trade lower by Rs 35 to Rs 42,990 per kg compared to Rs Rs 43,025 on Friday.

Gold price in overseas markets, which normally set price trend on the domestic front, fell around 2 percent on Friday, its biggest one-day drop in over three weeks, as funds dumped bullion after resilient US jobs data suggested the Federal Reserve could begin to scale back its monetary stimulus later this year.

The yellow metal posted its first weekly drop in two weeks after Friday's selloff more than erased gains earlier this week. A sharp dollar drop and strong physical demand had lifted gold above USD 1,400 an ounce for most of this week. For the week, bullion eased 0.3 percent.

The US economy added a modest 175,000 jobs in May, the Labor Department announced today.

The US unemployment rate pushed up a bare 0.1 percentage points to 7.6 percent.

Spot gold last traded down 2.1 percent at USD 1,383.96 per ounce, having hit a low of USD 1,377.29, the lowest since May 28.

In New York, gold for August delivery fell USD 32.80, or 2.3 percent to USD 1,383 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.

In Delhi spot market, both gold and silver prices today fell on reduced offtake and and decline in industrial demand.

While gold prices tumbled by Rs 300 to Rs 28,000 per 10 grams, silver dropped by Rs 1,500 to Rs 43,600.

Chennai

Standard gold price declined by Rs 435 to Rs 27,690 per ten grams as against its previous close of Rs 28,125.

Silver also weakened by Rs 1,740 to Rs 43,215 per kg from Rs 44,955.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity dropped by Rs 300 each to Rs 28,000 and Rs 27,800 per 10 grams, respectively. Sovereigns declined by Rs 100 to Rs 24,200 per piece of eight grams.

Silver ready plunged by Rs 1,500 to Rs 43,600 per kg on slackness in demand from consuming industries and weekly based delivery lost Rs 1,520 to Rs 42,960 per kg.

Similarly, silver coins dropped by Rs 2,000 to Rs 78,000 for buyers and Rs 79,000 for sellers of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity slumped by Rs 265 to conclude at Rs 27,530 per 10 gm from Friday's closing level of Rs 27,795.

Pure gold of 99.9 percent purity shed by Rs 255 to close at Rs 27,675 per 10 gm from Rs 27,930.

Silver ready (.999 fineness) tumbled by Rs 1,325 to finish at Rs 44,200 per kg as against Rs 45,525 yesterday.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June gained by Rs 48 to Rs 27,580 per ten grams against its previous close of Rs 27,532.

However, silver for delivery in July continued to trade lower by Rs 35 to Rs 42,990 per kg compared to Rs Rs 43,025 on Friday.

International markets

Spot gold last traded down 2.1 percent at USD 1,383.96 per ounce, having hit a low of USD 1,377.29, the lowest since May 28.

In New York, gold for August delivery fell USD 32.80, or 2.3 percent to USD 1,383 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

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.3 percent to 1,007.74 tonnes on Thursday, as outflows resumed after holding steady nearly a week. Holdings are at four-year low.

Here are the city wise gold and silver rates:

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

Mumbai
GOLD: Rs 27,675 (-255) / SILVER: Rs 44,200 (-1,325)

Delhi
GOLD: Rs 28,000 (-300) / SILVER: Rs 43,600 (-1,500)

Chennai
GOLD: Rs 27,690 (-435) / SILVER: Rs 43,215 (-1,740)

Kolkata
GOLD: Rs 27,885 (-315) / SILVER: Rs 43,400 (-1,000)

Bangalore
GOLD: Rs 27,932 (-291) / SILVER: Rs 44,200 (-1,100)

Hyderabad
GOLD: Rs 28,300 (+200) / SILVER: Rs 46,200 (+1,200)

With Agency Inputs



First Published: Saturday, June 08, 2013, 13:38


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