Gold reclaims Rs 26K-level; zooms Rs 290

Last Updated: Thursday, May 23, 2013 - 12:22

Zee Media Bureau

New Delhi: Recovering from its yesterday's losses, gold price regained Rs 26,000-level by gaining Rs 290 to Rs 26,253 per ten grams in futures trade Thursday as speculators enlarged their exposures, moving in tandem with a positive global trend amid weakness in rupee at home.

At the Multi Commodity Exchange (MCX), gold for delivery in June recovered by Rs 253 to Rs 26,253 per ten grams as against its previous close of Rs 25,963.

Silver for delivery in July, however, edged lower by Rs 6 to Rs 43,220 per kg compared to Rs 43,226 on Wednesday.

Gold prices in overseas markets, which normally set price trend on the domestic front, turned sharply lower, after US Federal Reserve Chairman Ben Bernanke said a decision to cut back may come at one of the central bank's "next few meetings" if the economy looked set to maintain momentum.

In New York, gold for June delivery moved down by USD 10.20 or 0.6 percent to settle at USD 1,370.10 an ounce on the Comex division of the NYMEX. In electronic trading on Globex, gold for June delivery lost more ground to trade at USD 1,359.90.

Early the yellow metal hit a one-week high of USD 1,414.25 Wednesday after Bernanke told Congress that the US economy needs further traction before it scales back monetary stimulus.

Spot gold last traded up USD 2.30 or 0.17 percent at USD 1,373 an ounce, holding near a two-year low of USD 1,321.35 reached in April.

With Agency Inputs

First Published: Thursday, May 23, 2013 - 12:18

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