Gold prices recover from early losses; up Rs 173 in futures trade
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Gold prices recover from early losses; up Rs 173 in futures trade

Last Updated: Thursday, May 30, 2013, 12:55
 
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Gold prices recover from early losses; up Rs 173 in futures trade


Zee Media Bureau

New Delhi: Gold prices moved higher by Rs 173 to Rs 26,803 per ten grams in futures trade Thursday as market players created more positions at prevailing levels taking positive cues from the global market.

At the Multi Commodity Exchange (MCX), gold for delivery in June moved higher by Rs 173 to trade at Rs 26,803 per ten grams against its previous close of Rs 26,619.

Similarly, silver for delivery in July gained by Rs 124 to Rs 43,831 per kg compared to Rs 43,677 on Wednesday.

Gold prices in overseas markets, which normally set price trend on the domestic front, regained strength today as investors retreated from falling equity markets, but the metal still risked losing its safe-haven appeal on worries the US Federal Reserve could scale back on its bullion-friendly bond buying programme.

Spot gold last traded up USD 10.50 or 0.75 percent at USD 1,404.20 an ounce, after hitting an intra-day low of USD 1,393.30.

Gold rose around 1 percent in the previous session as a dollar drop and softer equities triggered physical buying.

In New York, gold for August delivery moved higher by USD 12.10 or 0.9 percent to settle at USD 1,391.80 an ounce yesterday on the Comex division of the NYMEX. Silver for July delivery also settled up 26 cents, or 1.2 percent at USD 22.45 an ounce.



First Published: Thursday, May 30, 2013, 10:54


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