Zee Media Bureau/Ajeet Kumar
Gold prices failed to hold Rs 29,000 level by slipping Rs 41 to Rs 28,882 per ten grams in futures trade Tuesday as market participants trimmed some of their positions in tandem with a weakening global trend.
However, spot prices zoomed by up to Rs 830 per 10 grams on off-take by stockists and traders following the hike in import duty on the precious metals.
The government increased duty on gold to 10 percent from 8 percent previously as part of measures to contain the current account deficit to 3.7 percent of GDP in 2013-14. Duty on silver was raised to 10 percent from 6 percent.
At the Multi Commodity Exchange (MCX), gold for delivery in October slipped by Rs 41 to Rs 28,882 per ten grams as against its previous close of Rs 28,823.
However, silver for delivery in September increased by Rs 407 to Rs 46,268 per kg.'Not wise to invest in gold at current level'
Gold price in overseas markets, which normally set price trend on the domestic front, fell 1 percent, snapping a four-day winning streak, weighed down by better US consumer spending data and after top market India hiked its import duty on gold to a record 10 percent.
In New York, gold for December delivery settled at USD 1,320.50 an ounce, down USD 13.70 or 1 percent from its previous close on the Comex division of the NYMEX.
In Delhi spot market, continuing its rising streak for the fifth straight day, gold prices rallied to four-month high by rising Rs 565 to Rs 29,825 per ten grams on rising demand for the festive season amid a firm global trend.
The current upsurge in gold prices placed the metal to a level last seen on April 10. Silver also spurted by Rs 1,845 to Rs 45,965 per kg on brisk buying by jewellers and coin makers.Mumbai
Standard gold of 99.5 percent purity gained further by Rs 270 to end at Rs 29,520 per 10 gm from Monday's closing level of Rs 29,250.
Pure gold of 99.9 percent purity rose by Rs 260 to finish at Rs 29,660 per 10 gm from Rs 29,400.
Silver ready (.999 fineness) jumped Rs 1,920 to settle at Rs 47,035 per kg from 45,115 yesterday.Chennai
Standard gold prices moved higher by Rs 830 to Rs 29,810 per ten grams as against its previous close of Rs 28.980.
Similarly, silver prices zoomed by Rs 2,045 to Rs 46,335 per kg.Delhi
In the national capital, gold of 99.9 and 99.5 percent purity climbed by Rs 565 each to Rs 29,825 and Rs 29,625 per ten grams, respectively. It had gained Rs 920 in the precious four sessions. Sovereign flared up by Rs 300 to Rs 24,500 per piece of eight gram.
Silver ready recorded a significant gains of Rs 1,845 to Rs 45,965 per kg and weekly-based delivery by Rs 1,945 to Rs 45,965 per kg. The white metal had gained Rs 2,710 in last four trading sessions.
Silver coins also spurted by Rs 2,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces. Futures Trade (MCX)
At the Multi Commodity Exchange (MCX), gold for delivery in October gained further by Rs 145 to Rs 28,823 per ten grams.
Similarly, silver for delivery in September increased by Rs 77 to Rs 45,938 per kg.International markets
In New York, gold for December delivery settled at USD 1,320.50 an ounce, down USD 13.70 or 1 percent from its previous close on the Comex division of the NYMEX. Gold ETF
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.2 percent to 911.13 tonnes on Friday - the first increase since June 10.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: 29,660 (+260) / SILVER: Rs 47,035 (+1,920)Delhi
GOLD: Rs 29,825 (+565) / SILVER: Rs 45,965 (+1,845) Chennai
GOLD: Rs 29,810 (+830) / SILVER: Rs 46,335 (+2,045)Kolkata
GOLD: Rs 29,965 / SILVER: Rs 46,350Bangalore
GOLD: Rs 30,006/ SILVER: Rs 46,900Hyderabad
GOLD: Rs--- / SILVER: Rs ----
First Published: Tuesday, August 13, 2013, 09:35