Zee Media Bureau
Trying best to recover its lost ground, gold price rallied to regain Rs 27,000 per 10 gm level in the national capital Saturday on emergence of brisk buying by retail customers at attractive low levels, as the metal suffered the biggest loss of Rs 3,250 in four sessions earlier this week.
Short-covering by speculators amid firming global trend also supported the rally.
The gold, which had suffered biggest ever losses following a meltdown in global bullion prices, recovered by Rs 500 to Rs 27,100 per 10 gm. It had gained Rs 250 in the previous session.
Gold also extended its recovery, rising by nearly one percent to Rs 26,069 per 10 gm in futures trade today.
Gold in overseas markets, which normally set price trend on the domestic front, rose USD 3.30 to USD 1,399.70 per ounce.
Standard gold price rose by Rs 185 to Rs 26,555 per ten grams as against its previous close of Rs 26,370 in Chennai bullion market. However, Silver here fell further by Rs 365 to Rs 44,550 per kg from Rs 44,915 yesterday.
Standard gold of 99.5 percent purity and pure gold of 99.9 percent purity both finished unaltered at their overnight closing level of Rs 26,260 and Rs 26,395 per 10 gm, respectively.
Silver ready (.999 fineness) plunged by Rs 460 to end at Rs 45,665 per kg from Friday's closing level of Rs 46,125.
In the national capital, gold of 99.9 and 99.5 percent purity spurted by Rs 500 each to Rs 27,100 and Rs 26,900 per 10 gm, respectively. Sovereign held steady at Rs 24,000 per piece of eight gram in limited deals.
On the other hand, silver ready fell by Rs 100 to Rs 45,300 and weekly-based delivery declined by the same margin to Rs 43,300 per kg.
However, silver coins shot up by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
Futures trade (MCX)
At the Multi Commodity Exchange (MCX), the most-active delivery in June contracts traded Rs 265, or 0.99 percent, higher at Rs 26,069 per 10 gm. Silver for delivery in May also moved higher by Rs 507 to Rs 43,431 per kg.
Spot gold was up USD 3.30 at USD 1,399.70 per ounce after moving in range of USD 1,420.30-1,395.10. International gold had touched its lowest level in more than two years of USD 1,321.35 on Tuesday.
Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per 1000 gm)
GOLD: Rs 26,395 (unchanged), SILVER: Rs 45,665 (-460)
GOLD: Rs 27,100 (+500), SILVER: Rs 45,300 (-100)
GOLD: 26,555 (+185)/ SILVER: Rs 44,480 (-365)
GOLD: 27,385 (+685)/ SILVER: Rs 46,500 (+400)
GOLD: Rs 26,885 (+137)/ SILVER: Rs 45,800 (+400)
GOLD: Rs 25,525/ SILVER: 44,000
With Agency Inputs