Zee Media Bureau
New Delhi: Gold prices slipped by Rs 45 to Rs 28,588 per 10 grams in futures trade Thursday as speculators offloaded some of their their positions even a range-bound trade overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in October moved lower by Rs 45 or 0.16 percent to Rs 28,588 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, traded in narrow range today after rising more than 1 percent the previous day, as a firmer dollar and a steadier tone to stock markets offset concerns that tensions between Russia and the West over Ukraine could escalate.
Spot gold last traded at USD 1,304.90 an ounce, down 0.1 percent, while US gold futures for December delivery were down USD 2.30 an ounce at USD 1,305.90.
Meanwhile, gold prices flared up by Rs 300 to Rs 28,800 per ten gram at Delhi bullion market on sustained buying by jewellers and retailers for the festive season amid firming global cues.
Silver also recovered by Rs 450 to Rs 44,500 per kg on increased offtake by industrial units and coin makers.Delhi
Gold of 99.9 and 99.5 percent purity shot up by Rs 300 each to Rs 28,800 and Rs 28,600 per ten gram respectively. The precious metal had gained Rs 110 in yesterday's trade.
In line with overall trends, sovereign also moved up by Rs 100 to Rs 24,900 per piece of eight gram.
Silver ready recovered by Rs 450 to Rs 44,500 per kg and weekly-based delivery by Rs 395 to Rs 44,040 per kg. Silver coins, however, remained steady at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.International markets
Spot gold last traded at USD 1,304.90 an ounce, down 0.1 percent, while US gold futures for December delivery were down USD 2.30 an ounce at USD 1,305.90.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 28,525 / SILVER: Rs 44,625Delhi
GOLD: Rs 28,800 / SILVER: Rs 44,500Chennai
GOLD: Rs 28,870/ SILVER: Rs 44,245Kolkata
GOLD: Rs 28,875/ SILVER: Rs 44,050Bangalore
GOLD: Rs 28,900/ SILVER: Rs 44,500Hyderabad
GOLD: Rs 28,800/ SILVER: Rs 45,800
First Published: Thursday, August 7, 2014, 20:27