Zee Media Bureau/Ajeet Kumar
Gold prices edged lower by Rs 74 to Rs 28,515 per ten grams in futures trade Thursday as market participants trimmed their positions in tandem with a weakening trend overseas.Read more on Gold Outlook
At the Multi Commodity Exchange (MCX), gold for delivery in June moved lower by Rs 74 or 0.26 percent to Rs 28,515 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, dipped below USD 1,300 per ounce today.
Strong equities coupled with the sharpest outflow from the world's biggest gold-backed fund in 4 months mainly dampened the safe-haven appeal of the yellow metal.
Spot gold last quoted down USD 2.30 or 0.18 percent at USD 1,299.90 per ounce after making a low and high of USD 1,395.70 - USD 1,303.10 per ounce earlier in intra-day trade.
Meanwhile, gold prices advanced further by Rs 120 to Rs 30,250 per 10 grams at Delhi bullion market on sustained buying by stockists and jewellers to meet the ongoing marriage season demand.
Silver also recovered by Rs 200 to Rs 43,200 per kg on increased offtake by industrial units.Delhi
Gold of 99.9 and 99.5 percent purity advanced by Rs 120 each to Rs 30,250 and Rs 30,050 per 10 grams, respectively. It had gained Rs 130 yesterday.
Sovereign continued to be asked at last level of Rs 25,000 per piece of eight grams.
Silver ready recovered by Rs 200 to Rs 43,200 per kg and weekly-based delivery by Rs 210 to Rs 42,240 per kg. The white metal had lost Rs 900 in the previous two sessions.
Meanwhile, silver coins maintained steady trend at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces. International markets
Spot gold last quoted down USD 2.30 or 0.18 percent at USD 1,299.90 per ounce after making a low and high of USD 1,395.70 - USD 1,303.10 per ounce earlier in intra-day trade.Gold ETF
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 8.39 tonnes to 798.43 tonnes on Wednesday- the biggest outflow since Dec. 23, reversing gains in the previous two sessions. Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 29,675 / SILVER: Rs 43,502Delhi
GOLD: Rs 30,250 (+120) / SILVER: Rs 43,200 (+200)Chennai
GOLD: Rs 29,960/ SILVER: Rs 42,390Kolkata
GOLD: Rs 29,900/ SILVER: Rs 42,600Bangalore
GOLD: Rs 29,981/ SILVER: Rs 43,200Hyderabad
GOLD: Rs 30,100 / SILVER: Rs 44,000
First Published: Thursday, April 17, 2014, 13:40