Zee Media Bureau
Gold prices failed to hold Rs 28,000 per ten grams level and fell by Rs 250 to Rs 27,950 per ten grams in Delhi bullion market Tuesday on stockists and investors selling against reduced offtake amid a weak global trend.
Silver also declined by Rs 265 to Rs 46,735 per kg on reduced offtake by industrial units and coin makers.
Meanwhile, gold dipped below Rs 27,000 level by falling 0.69 percent to Rs 26,963 per 10 grams in futures trade today, amid weak trend overseas and subdued demand in spot markets.
At the Multi Commodity Exchange (MCX), gold for delivery in June, after remaining weak at the outset, fell further to slip below Rs 27,000 level by declining Rs 188, or 0.69 percent to Rs 26,963 per ten gram after touching a low of Rs 26,932 in 20,718 lots.
Similarly, silver for delivery in May quoted lower by Rs 112 to Rs 45,173 per kg.
Gold prices in overseas markets, which normally set price trend on the domestic front, slipped by USD 4.10 or 0.28 percent to USD 1,473.40 per ounce.
Gold price remains vulnerable to a slowdown in physical buying and outflows in exchange-traded funds.
Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls. Mumbai
Standard gold of 99.5 percent purity closed at Rs 27,150 per 10 gm. While, pure gold of 99.9 percent purity ended at Rs 27,285 per 10 gm from Rs 27,315.
Silver ready (.999 fineness) decreased by Rs 45 to conclude at Rs 46,325 per kg, against Rs 46,630 last weekend.Chennai
Standard gold price moved lower by Rs 200 to Rs 27,735 per ten grams as against its previous close of Rs 27,935.
Silver however, rose by Rs 195 to Rs 46,130 from Rs 45,935 per kg.Delhi
In the national capital, gold of 99.9 and 99.5 percent purity fell by Rs 250 each to Rs 27,950 and Rs 27,750 per ten grams, respectively. It had gained Rs 200 in last two days. Sovereign followed suit and shed Rs 100 to Rs 24,200 per piece of eight gram.
In line with a general weak trend, silver ready declined by Rs 265 to Rs 46,735 per kg and weekly-base delivery by Rs 185 to Rs 44,960 per kg. Silver coins also plunged by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces. Futures Trade (MCX)
At the Multi Commodity Exchange (MCX), metal for delivery in June contracts traded down by Rs 88 to Rs 27,063 per ten grams as against its previous close of 27,151.
Similarly, silver for delivery in May quoted lower by Rs 112 to Rs 45,173 per kg.International markets
Spot gold slipped by USD 4.10 or 0.28 percent to USD 1,473.40 per ounce.
In New York, gold for June delivery gained by USD 13.80 to settle at USD 1,467.40 an ounce on the Comex division of the NYMEX Monday.
Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.Gold ETF
Holdings on the largest gold-backed ETP, the SPDR Gold Trust, reported an outflow of 7.2 tonnes on Friday, bringing the total drop to 138.2 tonnes this month.
Total outflows across the major ETFs have reached 354.60 tonnes this year, more than reversing last year's net rise of 220.20 tonnes.Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)Mumbai
GOLD: Rs 27,285 (-30)/ SILVER: Rs 46,325 (-45) Delhi
GOLD: Rs 27,950 (-250), SILVER: Rs 46,735 (-265)Chennai
GOLD: 27,735 (-200) / SILVER: Rs 46,130 ( +195)Kolkata
GOLD: 28,255 ( -100) / SILVER: Rs 47,000 ( -500)Bangalore
GOLD: Rs 27,914 / SILVER: Rs 47,200Hyderabad
GOLD: Rs 28,200 / SILVER: Rs 49,000
With Agency Inputs