Gold price today: Latest updates

Zee Media Bureau/Ajeet Kumar

Gold prices zoomed past Rs 34,000 level by posting smart gains of Rs 1,431 to Rs 34,495 per ten grams in futures trade Tuesday as market participants enlarged their positions in tandem with a firming trend overseas.

Further depreciation in rupee Vs dollar also supported bullion prices as it makes imports costlier.

The rupee today weakened by 227 paise to 68.27 against the dollar at the Interbank Foreign Exchange market due to renewed dollar demand from importers and appreciation of the US currency overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in October rallied by Rs 1,375 to settle at Rs 34,439 per ten grams after moving in range of Rs 32,940- Rs 34,495 as against its previous close of Rs 33,064. The yellow metal had hit an intra-day high of Rs 35,074 on last Wednesday.

Similarly, silver benchmark delivery gained by Rs 2,354 to Rs 57,308 per kg.

Gold price in overseas markets, which normally set price trend on the domestic front, gained nearly 1.5 percent, snapping its 3-day losses, after President Barack Obama won the backing of two top Republicans in Congress in his call for limited US strikes on Syria to punish President Bashar al-Assad for suspected use of chemical weapons against civilians.

Spot gold rose as high as USD 1,416 an ounce and was last up 1.4 percent to USD 1,413.51 an ounce. On last Wednesday, gold climbed to USD 1,433.31, its highest since May 14.

In New York, gold for December delivery rose by USD 15.90 or 1.1 percent to settle at USD 1,412 an ounce on the Comex division of the NYMEX.

Meanwhile, snapping four-day of losses, gold prices recovered by Rs 440 to Rs 31,540 per ten gram in Delhi bullion market on revival of buying by stockists and investors at existing lower levels.

Silver rose further by Rs 1,080 to Rs 55,430 per kg on sustained offtake by industrial units.

Mumbai

Standard gold of 99.5 percent purity shot up by Rs 970 to finish at Rs 32,510 per 10 gm from Monday's closing level of Rs 31,540.

Pure gold of 99.9 percent purity surged by Rs 980 to conclude at Rs 32,665 from Rs 31,685.

Silver ready (.999 fineness) soared by a hefty Rs 2,780 to end at Rs 58,355 per kg from Rs 55,575 previously.

Delhi

Gold of 99.9 and 99.5 percent purity staged a strong comeback and surged by Rs 440 each to Rs 31,540 and Rs 31,340 per ten gram, respectively. It had lost Rs 3,885 in last four trading session. Sovereign held steady at Rs 25,100 per piece of eight gram.

Silver ready jumped up further by Rs 1,090 to Rs 55,430 per kg and weekly-based delivery by Rs 1,380 to Rs 57,340 per kg. The white metal had gained Rs 420 yesterday.

However, silver coins lacked necessary follow up support at prevailing higher levels and plunged by Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in October rallied by Rs 1,375 to settle at Rs 34,439 per ten grams after moving in range of Rs 32,940- Rs 34,495 as against its previous close of Rs 33,064. The yellow metal had hit an intra-day high of Rs 35,074 on last Wednesday.

Similarly, silver benchmark delivery gained by Rs 2,354 to Rs 57,308 per kg.

International markets

Spot gold rose as high as USD 1,416 an ounce and was last up 1.4 percent to USD 1,413.51 an ounce.

In New York, gold for December delivery rose by USD 15.90 or 1.1 percent to settle at USD 1,412 an ounce on the Comex division of the NYMEX.

Gold ETF

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.20 percent to 919.23 tonnes on Tuesday.

Here are the city wise gold and silver rates:

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

Mumbai

GOLD: 32,665 (+980)/ SILVER: Rs 58,355 (+2,780)

Delhi

GOLD: Rs 31,540 (+440) / SILVER: Rs 55,430 (+1,090)

Chennai

GOLD: Rs 30,640/ SILVER: Rs 59,140

Kolkata

GOLD: Rs 34,370 / SILVER: Rs 56,600

Bangalore

GOLD: Rs 34,182/ SILVER: Rs 56,100

Hyderabad

GOLD: Rs 31,000 / SILVER: Rs 55,800