Zee Media Bureau
New Delhi: Gold prices moved lower by Rs 70 to Rs 28,225 per 10 grams in futures trade Tuesday as speculators offloaded some of their positions moving in tandem with a weak trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in October dropped by Rs 70 to Rs 28,225 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, traded in narrow range today.
Spot gold last traded at USD 1,294.40 an ounce, down 0.22 percent or USD 2.80.
Meanwhile, gold prices fell by another Rs 50 to close at Rs 28,550 per ten gram at Delhi bullion market due to subdued demand from jewellers amid a weak trend overseas on easing geo-political tensions.Delhi
Gold of 99.9 and 99.5 percent purity traded Rs 50 each down at Rs 28,550 and Rs 28,350 per ten gram respectively. The yellow metal had lost Rs 220 in the past three days.
Sovereign, however, recovered by Rs 100 to Rs 24,800 per piece of eight gram on some buying.
On the other hand, silver ready rebounded by Rs 420 to Rs 43,300 per kg and weekly-based delivery by Rs 100 to Rs 42,680 per kg.
Meanwhile, silver coins continued to be asked at last level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces. International markets
Spot gold last traded at USD 1,294.40 an ounce, down 0.22 percent or USD 2.80.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 28,340 / SILVER: Rs 43,665Delhi
GOLD: Rs 28,550 / SILVER: Rs 43,300Chennai
GOLD: Rs 28,620/ SILVER: Rs 43,020Kolkata
GOLD: Rs 28,590/ SILVER: Rs 43,000Bangalore
GOLD: Rs 28,652/ SILVER: Rs 43,600Hyderabad
GOLD: Rs 28,800/ SILVER: Rs 44,500
First Published: Tuesday, August 19, 2014, 13:21