Zee Media Bureau
New Delhi: Recovering from its yesterday's losses, gold price moved higher by Rs 137 in futures trade Saturday as speculators expanded their positions at prevailing levels on the back of renewed physical buying in spot markets.
Silver also managed to regain Rs 45,000 per kg level.
At the Multi Commodity Exchange (MCX), gold for delivery in June, moved higher by Rs 137 to Rs 26,962 per ten grams.
Similarly, silver for delivery in July rose by Rs 250 to Rs 45,177 per kg.
Gold prices in overseas markets, which normally set price trend on the domestic front, pared its early gains and settled slightly lower at USD 1,471.70.10 per ounce as better-than-expected US employment figures weighed on yellow metal's safe-haven appeal.
In New York, gold for June delivery traded down by USD 3.40 or 0.20 percent to settle at USD 1,464.20 an ounce on the Comex division of the NYMEX.
The US unemployment rate has dropped to a four-year low of 7.5 percent, as the economy added 165,000 jobs in April, latest official figures released on Friday said.
However, cut in interest rates by the European Central Bank and US Federal Reserve's decision to stick to its stimulus programme coupled with rising physical demand help the yellow metal end the week 0.7 percent higher by supporting bullion's appeal as a hedge against inflation.
The ECB cut its main interest rate by 25 basis points to a record low of 0.50 percent on Thursday, after inflation fell well below the bank's target and weak economic surveys increased doubts about a recovery.
Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.
With Agency Inputs
First Published: Saturday, May 04, 2013, 11:43