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

Last Updated: Saturday, August 03, 2013, 08:45
 
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Gold price today: Latest updates


Zee Media Bureau

Gold prices dipped below Rs 28,000-level by falling Rs 345 to Rs 27,875 per ten grams in futures trade Friday as market participants trimmed their positions amid a weak trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in August dropped by Rs 345 to Rs 27,875 per ten grams.

Similarly, silver for delivery in September declined by Rs 572 to Rs 40,835 per kg.

'Not wise to invest in gold at current level'

Gold price in overseas markets, fell for a fifth session today, heading for its biggest weekly loss in a month as strong US economic data raised fears the Federal Reserve may start to taper its commodities-supportive stimulus measures.

Positive jobless benefits and factory activity data followed stronger-than-expected US GDP numbers this week. The Fed has said its policy remains driven by data, even though it gave no signs in a statement on Wednesday that it was set to wind down its USD 85 billion monthly bond-buying measures.

Gold traders are now waiting for US nonfarm payrolls data due later today.

Spot gold last traded down USD 19.60 or 1.5 percent at USD 1,290.30 an ounce, after hitting an intra-day low of USD 1,282.10.

In New York, gold for December delivery fell by USD 1.80 or 0.1 percent to settle at USD 1,311.20 an ounce on the Comex division of the NYMEX yesterday.

In Delhi spot market, both the precious metals, gold and silver, fell for the second straight session on heavy selling by stockists in tandem with a weak global trend.

Gold plunged further by Rs 375 to Rs 28,350 per 10 grams, after losing Rs 475 in the previous session.

Silver lost Rs 520 to Rs 41,100 per kg on poor offtake by industrial units and coin makers.

Mumbai

Standard gold of 99.5 percent purity fell by Rs 255 to close at Rs 28,270 per 10 gm from Wednesday's closing level of Rs 28,525.

Pure gold of 99.9 percent purity declined by Rs 240 to end at Rs 28,415 per 10 gm from Rs 28,655.

Silver ready (.999 fineness) slumped by Rs 505 to finish at Rs 41,950 per kg from overnight close of Rs 42,455.

Chennai

Standard gold prices moved lower by Rs 375 to Rs 28,405 per ten grams as against its previous close of Rs 28,780 .

Similarly, silver prices declined by Rs 695 to Rs 41,525 per kg.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity plunged further by Rs 375 each to Rs 28,350 and Rs 28,150 per 10 grams, respectively. Sovereigns continued to be asked around previous level of Rs 24,400 per piece of eight grams in scattered deals.

In line with a general weak trend, silver ready dropped further by Rs 520 to Rs 41,100 per kg and weekly-based delivery by Rs 580 to Rs 40,900 per kg respectively. The white metal had lost Rs 640 in last trade.

Meanwhile, silver coins maintained steady trend at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces in restricted trade.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in August dropped by Rs 345 to Rs 27,875 per ten grams.

Similarly, silver for delivery in September declined by Rs 572 to Rs 40,835 per kg.

International markets

Spot gold last traded down USD 19.60 or 1.5 percent at USD 1,290.30 an ounce, after hitting an intra-day low of USD 1,282.10.

In New York, gold for December delivery fell by USD 1.80 or 0.1 percent to settle at USD 1,311.20 an ounce on the Comex division of the NYMEX yesterday.

Gold ETF

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.7 percent to 921.05 tonnes on Thursday, hitting fresh four year low.

Here are the city wise gold and silver rates:

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

Mumbai

GOLD: 28,415 (-240) / SILVER: Rs 41,950 (-505)

Delhi

GOLD: Rs 28,350 (-375) / SILVER: Rs 41,100 (-520)

Chennai

GOLD: Rs 28,405 (-375) / SILVER: Rs 41,525 (-695)

Kolkata

GOLD: Rs 28,815 / SILVER: Rs 41,500

Bangalore

GOLD: Rs 28,845/ SILVER: Rs 42,400

Hyderabad

GOLD: Rs 29,200 / SILVER: Rs 42,000




First Published: Friday, August 02, 2013, 11:31


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