Zee Media Bureau/Ajeet Kumar
Retreating from their overnight gains, gold prices dropped by Rs 167 to Rs 26,664 per ten grams in futures trade Tuesday as market participants booked profits in tandem with a weakening trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in August declined by Rs 167 to Rs 26,664 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, last quoted down USD 7.80 or 0.61 percent at USD 1,263.90 an ounce. The yellow metal hit a three-week top of USD 1,284.85 on Monday.
The Fed's two-day policy meeting begins later in the day with a statement expected on Wednesday. Markets are on the watch for any signals on when the central bank might begin raising interest rates.
Meanwhile, snapping its six-day rising streak, gold prices fell by Rs 130 to Rs 27,900 per ten gram at Delhi bullion market on easing demand at higher levels amidst weak trend overseas.
Silver also turned weak and declined by Rs 400 to Rs 42,600 per kg on poor offtake by industrial units and coin makers.Delhi
Gold of 99.9 and 99.5 percent purity plunged by Rs 130 each to Rs 27,900 and Rs 27,700 per ten gram respectively. It had gained Rs 930 in last six days.
Sovereign also dropped by Rs 100 to Rs 24,600 per piece of eight gram.
In a similar fashion, silver ready declined by Rs 400 to Rs 42,600 per kg and weekly-based delivery by Rs 275 to Rs 42,050 per kg, after gaining Rs 1,800 in the previous three sessions.
Silver coins dropped by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.International markets
Gold in overseas markets, which normally set price trend on the domestic front, last quoted down USD 7.80 or 0.61 percent at USD 1,263.90 an ounce. The yellow metal hit a three-week top of USD 1,284.85 on Monday.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 27,490 / SILVER: Rs 42,785Delhi
GOLD: Rs 27,900 / SILVER: Rs 42,600Chennai
GOLD: Rs 27,760/ SILVER: Rs 42,480Kolkata
GOLD: Rs 27,915/ SILVER: Rs 42,100Bangalore
GOLD: Rs 27,820/ SILVER: Rs 42,800Hyderabad
GOLD: Rs 28,200 / SILVER: Rs 43,000
First Published: Tuesday, June 17, 2014, 14:35