Zee Media Bureau
Gold prices fell further by Rs 181 to Rs 28,390 per ten grams in futures trade Thursday as market participants offloaded their positions in tandem with a weakening trend overseas. Read more on Gold Outlook
At the Multi Commodity Exchange (MCX), gold for delivery in April dropped by Rs 181 to Rs 28,390 per ten grams after moving in range of Rs 28,382 - Rs 28,570.
Gold in overseas markets, which normally set price trend on the domestic front, failed to maintain early gains and dipped below USD 1,300 per ounce again today.
Spot gold last quoted down USD 10.60 or 0.81 percent at USD 1,295.20 per ounce after making a high and low of USD 1,306.70 and USD 1,291.20 in intra-day trade.
Meanwhile, gold prices dropped for the fourth day by losing Rs 230 to Rs 29,350 per ten grams at Delhi bullion market on sustained selling by stockists against subdued demand.
Silver also maintained a downward trend for the ninth day and lost Rs 550 to Rs 43,400 per kg on poor offtake by industrial units and coin makers.Delhi
Gold of 99.9 and 99.5 percent purity remained under selling pressure and fell further by Rs 230 each to Rs 29,350 and Rs 29,150 per ten grams, respectively. The yellow metal had lost Rs 770 in last three sessions.
Sovereign followed suit and declined by Rs 100 to Rs 24,900 per piece of eight grams.
Silver ready moved down by Rs 550 to Rs 43,400 per kg and weekly-based delivery by Rs 670 to Rs 42,900 per kg. The white metal had lost Rs 3,250 in the precious eight days.
Silver coins dropped by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.International markets
Spot gold last quoted down USD 10.60 or 0.81 percent at USD 1,295.20 per ounce after making a high and low of USD 1,306.70 and USD 1,291.20 in intra-day trade.Gold ETF
Holdings in SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, fell 1.80 tonnes to 816.97 tonnes on Wednesday after losing 2.70 tonnes in the previous session.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 28,600 / SILVER: Rs 42,600 Delhi
GOLD: Rs 29,350 (-230) / SILVER: Rs 43,400 (-550)Chennai
GOLD: Rs 28,810/ SILVER: Rs 42,670Kolkata
GOLD: Rs 29,145/ SILVER: Rs 42,800Bangalore
GOLD: Rs 29,090/ SILVER: Rs 43,500Hyderabad
GOLD: Rs 29,400 / SILVER: Rs 45,000
First Published: Thursday, March 27, 2014, 14:04