Zee Media Bureau/Ajeet Kumar
Gold prices tumbled by Rs 467 to Rs 28,069 per ten grams in futures trade 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 467 to Rs 28,069 per ten grams after moving in range of Rs 28,001 - Rs 28,615.
Gold in overseas markets, which normally set price trend on the domestic front, declined to a seven-week low after strong US manufacturing data boosted optimism about economic growth, reducing the yellow metal's appeal as an alternate investment.
Spot gold last quoted down USD 0.3 percent at USD 1,279.76 per ounce after making a low of USD 1,277.29 earlier in intra-day trade, its lowest since Feb. 11.
Meanwhile, gold prices fell by Rs 40 to Rs 29,260 per ten gram at Delhi bullion market on sustained offerings by stockists on the back of weak global trend.
However, silver snapped its two-day weak trend and gained Rs 100 to Rs 43,500 per kg on increased offtake by industrial units and coin makers. The white metal had lost Rs 139 in the previous two sessions.Delhi
Gold of 99.9 and 99.5 percent purity remained under selling pressure and declined by Rs 40 each to Rs 29,260 and Rs 29,060 per ten gram respectively. It had shed Rs 55 in last two days.
Meanwhile, sovereign recovered by Rs 200 to Rs 24,900 per piece of eight gram on select buying.
On the other hand, silver ready recovered by Rs 100 to Rs 43,500 per kg while weekly-based delivery lost Rs 620 at Rs 42,155 per kg on lack of speculators buying support.
Silver coins spurted by Rs 2,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces on upsurge in demand at existing lower levels. International markets
Spot gold last quoted down USD 0.3 percent at USD 1,279.76 per ounce after making a low of USD 1,277.29 earlier in intra-day trade, its lowest since Feb. 11.Gold ETF
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 2.10 tonnes to
810.98 tonnes on Tuesday. Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 28,374 (-256) / SILVER: Rs 43,108 (+38)Delhi
GOLD: Rs 29,260 (-40) / SILVER: Rs 43,500 (+100)Chennai
GOLD: Rs 28,840/ SILVER: Rs 42,820Kolkata
GOLD: Rs 28,895/ SILVER: Rs 43,100Bangalore
GOLD: Rs 28,980/ SILVER: Rs 43,500Hyderabad
GOLD: Rs 29,200 / SILVER: Rs 44,000
First Published: Wednesday, April 2, 2014, 09:48