Zee Media Bureau
New Delhi: Snapping a four-day losing streak, gold prices rebounded on Thursday by gaining Rs 250 to Rs 26,600 per 10 grams in the national capital on fresh buying by stockists and retailers amid recovery in overseas markets.
Gold of 99.9 and 99.5 percent purity recovered by Rs 250 each to Rs 26,600 and Rs 26,400 per ten grams after losing Rs 3,250 in last four sessions. Sovereign remained steady at Rs 24,000 per piece of eight gram in limited deals.
On the other hand, silver ready continued its slide for the fifth day and lost another Rs 300 to Rs 45,400 per kg and weekly-based delivery by Rs 60 to Rs 43,400 per kg. The white metal had lost Rs 6,900 in the previous four sessions.
Silver coins held steady at Rs 74,000 for buying and Rs 75,000 for selling in restricted buying.
Standard gold of 99.5 percent purity rose by Rs 240 to end at Rs 25,920 per 10 gm from Wednesday's closing level of of Rs 25,680.
Pure gold of 99.9 percent purity also jumped up by a similar margin to close at Rs 26,060 per 10 grams from Rs 25,820 previously.
Silver ready (.999 fineness) gained Rs 550 to finish at Rs 46,035 per kg from Rs 45,485 yesterday.
Futures trade (MCX)
At the Multi Commodity Exchange MCX), gold for delivery in June rose by Rs 21 to Rs 25,700 per 10 grams. Silver for delivery in May however dropped by Rs 353 to Rs 43,278 per kg.
Gold in overseas markets, which normally set price trend on the domestic front, rose 0.4 percent to USD 1,381.55 an ounce in Singapore. Prices touched USD 1,321.95 on April 16, the lowest since January 2011.
Holdings of the world's largest exchange-traded fund dropped to their lowest level in three years, as festering worries over global growth continued to sap broad investor confidence.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.97 percent to 1134.79 tonnes on Wednesday, the lowest since April 2010.
Here are the city wise gold rates:
(Gold rates per 10 gm/Silver rates per 1000 gm)
GOLD: Rs 26,060, SILVER: Rs 46,035
GOLD: Rs 26,600, SILVER: Rs 45,400
GOLD: 26,085/ SILVER: Rs 45,105
GOLD: 26,700/ SILVER: Rs 46,100
GOLD: Rs 25,525/ SILVER: 44,000
With Agency Inputs