Zee Media Bureau/Ajeet Kumar
Gold prices plunged by Rs 360 to Rs 29,378 per ten grams in futures trade Thursday as market participants offloaded their positions in tandem with a weakening trend overseas.Read more on Gold 2014 Outlook
At the Multi Commodity Exchange (MCX), gold for delivery in April dropped by Rs 360 to settle at Rs 29,378 per ten grams after moving in range of Rs 29,353 - Rs 29,820.
Similarly, silver for delivery in March nosedived by Rs 1,185 to Rs 43,220 per Kg.
Gold in overseas markets, which normally set price trend on the domestic front, logged its worst one-day loss in over a month by falling nearly 2 percent today.
Rally in US stocks coupled with stronger dollar mainly weighed on bullion prices.
Spot gold last traded down 24.60 or 1.94 percent at USD 1,244.10 an ounce after making a high and low of USD 1,264.90 and USD 1,237.40 respectively in intra-day trade.Read more on Commodity Market 2014 Outlook
Meanwhile, gold prices rose by Rs 240 to Rs 30,600 per ten gram at Delhi bullion market on emergence of buying at existing lower levels amid a firm global trend.
Silver followed suit and recovered by Rs 300 to Rs 44,500 per kg on increased offtake by industrial units.
In Mumbai, gold of 99.9 and 99.5 percent purity shot up by Rs 180 and Rs 185 to Rs 30,260 and Rs 30,110 per ten grams, respectively; and silver gained Rs 150 to Rs 45,050 per kg on fresh buying by stockists.Delhi
Gold of 99.9 and 99.5 percent purity rebounded by Rs 240 each to Rs 30,600 and Rs 30,400 per ten grams, respectively. It had lost Rs 210 in the last two trading sessions.
Sovereign also moved up by Rs 50 to Rs 25,250 per piece of eight gram.
In a similar fashion, silver ready recovered by Rs 300 to Rs 44,500 per kg and weekly-based delivery by Rs 100 to Rs 44,200 per kg. The white metal had plunged by Rs 875 in the previous two sessions.
On the other hand, silver coins remained steady at Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces. International markets
Spot gold last traded up 8.50 or 0.68 percent at USD 1,265.20 an ounce after making a high and low of USD 1,270.20 and USD 1,252.40 respectively in intra-day trade.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 30,260 (+180) / SILVER: Rs 45,050 (+150)Delhi
GOLD: Rs 30,600 (+240) / SILVER: Rs 44,500 (+300)Chennai
GOLD: Rs 30,000/ SILVER: Rs 43,955Kolkata
GOLD: Rs 30,000/ SILVER: Rs 43,900Bangalore
GOLD: Rs 30,289/ SILVER: Rs 44,500Hyderabad
GOLD: Rs 30,300 / SILVER: Rs 45,600
First Published: Friday, January 31, 2014, 00:28