Gold Weekly Roundup: US jobs data lifts metal’s safe-haven appeal
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Gold Weekly Roundup: US jobs data lifts metal’s safe-haven appeal

Last Updated: Tuesday, January 14, 2014, 14:27
 
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Gold Weekly Roundup: US jobs data lifts metal’s safe-haven appeal


Zee Media Bureau/Ajeet Kumar

Gold prices retraced Rs 29,000 level by gaining Rs 171 to Rs 29,033 per ten grams in futures trade Friday as market participants enlarged their positions in tandem with a firming trend overseas.

Read more on Gold 2014 Outlook

At the Multi Commodity Exchange (MCX), gold for delivery in February climbed by Rs 171 to settle at Rs 29,033 per ten grams after moving in range of Rs 28,811 - Rs 29,070.

Similarly, silver for delivery in March rose by Rs 700 to Rs 44,824 per Kg.

Gold in overseas markets, which normally set price trend on the domestic front, moved higher by over 1.5 percent on Friday, extending its uptrend to a third straight week, after disappointing US jobs data boosted metal’s safe-haven appeal by lifting speculation the Federal Reserve will take a gradual approach to tapering its bond-buying stimulus this year.

Spot gold last traded up USD 20.90 or 1.70 percent at USD 1,249.60 an ounce after making a low of USD 1,227 in intra-day trade.

In New York, gold for February delivery climbed by USD 17.50 or 1.4 percent to settle at USD 1,246.90 an ounce on the Comex division of the NYMEX. This was the highest settlement since Dec. 11. For the week, front month contract posted a gain of 0.7 percent.

Read more on Commodity Market 2014 Outlook

Meanwhile, gold prices added Rs 90 to Rs 30,170 per ten gram at Delhi bullion market on sustained buying by stockists for the ensuing wedding season amid firming global trend.

Silver snapped its two-day losing trend and recovered by Rs 310 to Rs 44,310 per kg on increased offtake by industrial units and coin makers.

In Mumbai, gold of 99.9 and 99.5 percent purity traded at Rs 29,950 and Rs 29,800 per ten gram, respectively, while silver enquired at Rs 45,000 per kg.

Delhi

Gold of 99.9 and 99.5 percent purity advanced by Rs 90 each to Rs 30,170 and Rs 29,970 per ten gram, respectively. It had gained Rs 80 yesterday.

Sovereign held steady at Rs 25,000 per piece of eight gram.

In line with a general firm trend, silver ready recovered by Rs 310 to Rs 44,310 per kg and weekly-based delivery traded lower by a similar margin to Rs 44,310 per kg. The white metal had lost Rs 1,350 in last two trading sessions.

Silver coins, however, lacked necessary buying support and plunged by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.

International markets

Spot gold last traded up USD 20.90 or 1.70 percent at USD 1,249.60 an ounce after making a low of USD 1,227 in intra-day trade.

In New York, gold for February delivery climbed by USD 17.50 or 1.4 percent to settle at USD 1,246.90 an ounce on the Comex division of the NYMEX. This was the highest settlement since Dec. 11. For the week, front month contract posted a gain of 0.7 percent.

Gold ETF

SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, said its holdings fell 1.50 tonnes to 793.12 tonnes on Wednesday.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai

GOLD: Rs 29,950 / SILVER: Rs 45,000

Delhi

GOLD: Rs 30,170 (+90)/ SILVER: Rs 44,310 (+310)

Chennai

GOLD: Rs 29,650/ SILVER: Rs 44,150

Kolkata

GOLD: Rs 29,645/ SILVER: Rs 44,000

Bangalore

GOLD: Rs 29,961/ SILVER: Rs 44,600

Hyderabad

GOLD: Rs ---- / SILVER: Rs ----





First Published: Saturday, January 11, 2014, 04:20


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