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

Last Updated: Saturday, July 13, 2013, 08:36
 
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Gold price today: Latest updates


Zee Media Bureau

Gold prices failed to elongate their yesterday's rally and moved lower by Rs 72 to Rs 26,605 per ten grams in futures trade Friday as market players booked profits, largely in tandem with a weakening trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in August slipped by Rs 72 to Rs 26,605 per ten grams.

Similarly, silver for delivery in September declined by Rs 311 to Rs 41,386 per kg.

'Not wise to invest in gold at current level'

Gold price in overseas markets, edged lower today, snapping its four days of gains on profit-booking after rising to its highest in more than two weeks yesterday as Federal Reserve Chairman Ben Bernanke said the US central bank will continue to pursue an accommodative monetary policy for now to support the economy.

However, the yellow metal was still on track for its biggest weekly gain in nearly two years on easing fears of an early end to US monetary stimulus that has boosted bullion's appeal as a hedge against inflation.

The metal has gained about 5 percent so far this week, on course for its biggest weekly climb since October 2011 when it rose 6.2 per cent.

Bernanke on Wednesday said a highly accommodative policy was needed for the foreseeable future as inflation remains low and the employment rate may be overstating the health of the labour market.

Minutes from the June Fed policy meeting also showed that about half of the bank's policymakers felt the stimulus programme should be brought to a halt by year end, but many wanted reassurance the US jobs recovery was on solid ground before any policy retreat.

Spot gold last traded down 0.63 percent or USD 8.10 at USD 1,278.50 an ounce. Yesterday, the yellow metal had climbed to USD 1,300 - its highest since June 24.

In New York, gold for August delivery rose USD 32.50 or 2.6 percent to settle at USD 1,279.90 an ounce on the Comex division of the NYMEX yesterday.

In Delhi spot market, both the precious metals, gold and silver, fell on sluggish demand at prevailing higher levels and a weak global trend.

Gold slipped by Rs 25 to Rs 27,300 per 10 grams after climbing a three-week high of Rs 27,325 yesterday, while silver fell by Rs 220 to Rs 41,530 per kg after surging by Rs 1,400 in the previous session.

Chennai

Standard gold prices slipped by Rs 95 to Rs 26,800 per ten grams as against its previous close of Rs 26,895.

Similarly, silver prices tanked by Rs 1,470 to Rs 41,195 per kg from Rs 42,665.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity declined by Rs 25 each to Rs 27,300 and Rs 27,100 per 10 grams, respectively. Sovereigns held steady at Rs 24,200 per piece of eight grams in limited deals.

In line with a general weak trend, silver ready fell by Rs 220 to Rs 41,530 per kg and weekly-based delivery by Rs 170 to Rs 41,530 per kg, respectively.

Silver coins also dropped by Rs 1,000 to Rs 79,000 for buying and Rs 89,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity dropped by Rs 150 to finish at Rs 26,490 per 10 gm from Thursday's closing level of Rs 26,640.

Pure gold of 99.9 percent purity dipped by Rs 145 to close at Rs 26,630 per 10 gm from Rs 26,775.

Silver ready (.999 fineness) eased by Rs 60 to settle at Rs 41,800 per kg from Rs 41,860 yesterday.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in August slipped by Rs 72 to Rs 26,605 per ten grams.

Similarly, silver for delivery in September declined by Rs 311 to Rs 41,386 per kg.

International markets

Spot gold last traded down 0.63 percent or USD 8.10 at USD 1,278.50 an ounce. Yesterday, the yellow metal had climbed to USD 1,300 - its highest since June 24.

In New York, gold for August delivery rose USD 32.50 or 2.6 percent to settle at USD 1,279.90 an ounce on the Comex division of the NYMEX yesterday.

Gold ETF

SPDR Gold Trust, the world's largest gold exchange-traded fund, fell 0.07 percent to 939.08 tonnes on Wednesday, its lowest since February 2009.

Here are the city wise gold and silver rates:

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

Mumbai

GOLD: 26,630 (-145) / SILVER: Rs 41,800 (-60)

Delhi

GOLD: Rs 27,300 (-25) / SILVER: Rs 41,530 (-220)

Chennai

GOLD: Rs 26,800 ( -95) / SILVER: Rs 41,195 ( -1,470)

Kolkata

GOLD: Rs 27,050 / SILVER: Rs 41,300

Bangalore

GOLD: Rs 26,946/ SILVER: Rs 41,500 (-100)

Hyderabad

GOLD: Rs 27,000 / SILVER: Rs 42,800

With Agency Inputs




First Published: Friday, July 12, 2013, 12:49


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