Zee Media Bureau/Ajeet Kumar
Gold prices tumbled by Rs 312 to Rs 28,575 per ten grams in futures trade Thursday as market participants offloaded their positions in tandem with a weakening trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in June declined by Rs 312 to Rs 28,575 per ten grams.
India is celebrating Akshaya Tritiya on Friday, the second-biggest gold buying festival when it is considered auspicious to buy gold.
Gold in overseas markets, which normally set price trend on the domestic front, quoted down by USD 8.80 or 0.68 percent at USD 1,282.50 per ounce.
Meanwhile, snapping its two-day falling trend, gold prices rebounded by Rs 185 to Rs 30,585 per 10 grams at Delhi bullion market on revival of buying, driven by ongoing wedding season demand.
Silver, however, remained under selling pressure and lost Rs 420 to Rs 42,080 per kg.
Gold of 99.9 and 99.5 percent purity recovered by Rs 185 each to Rs 30,585 and Rs 30,385 per 10 grams, respectively. It had lost Rs 330 in last two days. Sovereign, also moved up by Rs 100 to Rs 25,100 per piece of eight grams.
On the other hand, silver ready plunged by Rs 420 to Rs 42,080 per kg and weekly-based delivery by Rs 370 to Rs 41,330 per kg. The white metal had tumbled by Rs 900 yesterday.
Meanwhile, silver coins held steady at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
Gold in overseas markets, which normally set price trend on the domestic front, quoted down by USD 2.50 or 0.19 percent at USD 1,293.40 per ounce.
Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)
GOLD: Rs 29,502 / SILVER: Rs 42,833
GOLD: Rs 30,585 / SILVER: Rs 42,080
GOLD: Rs 30,050/ SILVER: Rs 42,270
GOLD: Rs 30,150/ SILVER: Rs 42,400
GOLD: Rs 30,384/ SILVER: Rs 42,800
GOLD: Rs 30,100 / SILVER: Rs 44,000