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Gold tanks over Rs 1,000 in futures trade

Gold prices nosedived by Rs 1,099 to Rs 33,340 per ten grams in futures trade Wednesday.

Zee Media Bureau/Ajeet Kumar

New Delhi: After touching intra-day high of Rs 34,495 yesterday, gold prices nosedived by Rs 1,099 to Rs 33,340 per ten grams in futures trade Wednesday as market participants trimmed their positions in tandem with a weakening trend overseas.

Appreciation in rupee against the US dollar in afternoon trade also weighed on bullion prices as it makes imports cheaper. The rupee recovered by 70 paise to 66.93 Vs dollar as against its previous close of 67.63.

At the Multi Commodity Exchange (MCX), gold for delivery in October fell by Rs 1,099 to Rs 33,340 per ten grams as against its previous close of Rs 34,439. The yellow metal had hit an intra-day high of Rs 35,074 on last Wednesday.

Similarly, silver benchmark delivery ( December) weakened by Rs 2,558 to Rs 54,750 per kg.

Gold price in overseas markets, which normally set price trend on the domestic front, fell today after gaining over 1 percent yesterday on safe-haven buying as US President Barack Obama won support from key Congressmen for a limited strike against Syria.

Spot gold last traded down USD 6.90 or 0.49 percent at USD 1,406.30 per ounce after rising as high as USD 1,416 per ounce yesterday. On last Wednesday, gold climbed to USD 1,433.31, its highest since May 14.

In New York, gold for December delivery rose by USD 15.90 or 1.1 percent to settle at USD 1,412 an ounce on the Comex division of the NYMEX yesterday.

Meanwhile, gold prices gained Rs 660 to Rs 32,200 per ten grams in Delhi bullion market today, mainly on sustained buying by stockists driven by firming global trend.

Silver also rose for the third day by adding Rs 70 to Rs 55,500 per kg on increased offtake by industrial units and coin makers.

From Zee News

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