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

Last Updated: Tuesday, July 30, 2013, 09:03
 
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Gold price today: Latest updates


Zee Media Bureau

Gold prices settled higher by Rs 220 to Rs 27,625 per ten grams in futures trade Saturday as market participants enlarged their positions, closely in tandem with a firming trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in August moved higher by Rs 220 to Rs 27,625 per ten grams as against its previous close of Rs 27,405.

Similarly, silver for delivery in September increased by Rs 310 to Rs 41,073 per kg.

'Not wise to invest in gold at current level'

Gold price in overseas markets, which normally set price trend on the domestic front, remained flat on Friday after a late rally erased initial losses and the yellow metal ended the week nearly 3 percent higher as wariness over the US Federal Reserve's message at next week's monetary policy meeting pushed the dollar down.

Bullion's third consecutive weekly rise marked its longest weekly winning streak since March, prior to the two-day USD 225 selloff in mid April.

Bullion has gained more than 9 percent in three weeks after the Federal Reserve in late June assured financial markets it would only start phasing out its monetary stimulus when it was sure the US economy was strong enough to stand on its own.

Spot gold last traded down USD 0.02 percent at USD 1,334.80 an ounce.

In New York, gold for December delivery dropped USD 7.60 or 0.6 percent to settle at USD 1,321.90 an ounce on the Comex division of the NYMEX. Gold for August delivery slipped by USD 7.30, or 0.6 percent to end the week at USD 1,321.50 an ounce.

Both contracts ended 2.2 percent higher this week, marking a third consecutive week of advances. In last 3 weeks, most-active contracts posted 8.8 percent gains.

The US Federal Reserve will announce its policy decision on Wednesday, as will the European Central Bank and Bank of England on Thursday — and on Friday, the US Labor Department will release its widely watched monthly jobs report.

In Delhi spot market, gold surged to five week high by gaining Rs 280 to Rs 28,425 per ten grams on increased buying by stockists and jewellers against restricted supply.

However, silver lacked necessary buying support and declined by Rs 120 to Rs 41,230 per kg.

Mumbai

Standard gold of 99.5 percent purity spurted Rs 250 to finish at Rs 27,945 per 10 gm, a level not seen in a month, from Friday's closing figure of Rs 27,695.

Pure gold of 99.9 percent purity surged Rs 255 to end at Rs 28,085 per 10 gm from Rs 27,830.

Silver ready (.999 fineness), however softened by Rs 35 to settle at Rs 41,555 per kg from Rs 41,590 yesterday.

Chennai

Standard gold prices moved higher by Rs 150 to Rs 28,055 per ten grams as against its previous close of Rs 27,905.

However, silver prices decreased by Rs 110 to Rs 41,060 per kg from Rs 41,170.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity advanced by Rs 280 each to Rs 28,425 and Rs 28,225 per ten grams, respectively. Sovereign remained steady at Rs 24,400 per piece of eight gram.

On the other hand, silver ready declined by Rs 120 to Rs 41,230 per kg and weekly-based delivery by Rs 270 to Rs 41,010 per kg, respectively. The white metal had gained Rs 125 in the previous session.

Silver coins continued to be asked around previous level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces in limited deals.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in August moved higher by Rs 220 to Rs 27,625 per ten grams as against its previous close of Rs 27,405.

Similarly, silver for delivery in September increased by Rs 310 to Rs 41,073 per kg.

International markets

Spot gold last traded down USD 0.02 percent at USD 1,334.80 an ounce.

In New York, gold for December delivery dropped USD 7.60 or 0.6 percent to settle at USD 1,321.90 an ounce on the Comex division of the NYMEX. Gold for August delivery slipped by USD 7.30, or 0.6 percent to end the week at USD 1,321.50 an ounce.

Gold ETF

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell by 0.26 percent to 927.36 tonnes on Thursday.

Here are the city wise gold and silver rates:

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

Mumbai

GOLD: 28,085 (+255) / SILVER: Rs 41,555 (-35)

Delhi

GOLD: Rs 28,425 (+280) / SILVER: Rs 41,230 (-120)

Chennai

GOLD: Rs 28,055 (+150) / SILVER: Rs 41,060 (-110)

Kolkata

GOLD: Rs 28,055 / SILVER: Rs 41,060

Bangalore

GOLD: Rs 28,275/ SILVER: Rs 41,800

Hyderabad

GOLD: Rs 28,300 / SILVER: Rs 42,600




First Published: Saturday, July 27, 2013, 12:30


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