Gold price today: Latest updates

Gold price today: Latest updates

Zee Media Bureau

Gold and silver prices fell further in Delhi bullion market Wednesday due to slow physical demand at prevailing levels amid a weak global trend.

While gold shed another Rs 50 to Rs 27,900 per ten grams, silver lost Rs 135 to Rs 46,600 per kg on lack of buying support.

Meanwhile, gold prices continued to lose ground in futures trade today as speculators trimmed positions amid weak trend overseas and subdued demand in spot markets,

At the Multi Commodity Exchange (MCX), gold for delivery in June, fell by Rs 135 to Rs 26, 770 per ten grams as against previous close of 26,905.

Similarly, silver benchmark delivery tumbled by Rs 726 to Rs 44,500. Yesterday, it closed lower by Rs 451 to Rs 44,833 per kg.

Gold prices in overseas markets, which normally set price trend on the domestic front, slipped by USD 11.50 or 0.78 percent to USD 1,466.70 per ounce.

In New York, gold for June delivery traded up by USD 4.70 to settle at USD 1,472.10 an ounce on the Comex division of the NYMEX.

Strong US home prices and consumer confidence data kept investors cautious before policy meetings at the US Federal Reserve and the European Central Bank later this week.

Continuous outflows in exchange-traded funds also suppressed market sentiment.

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 slid Rs 230 to end at Rs 27,150 per 10 gm from Monday's closing level of Rs 27,380.

Pure gold of 99.9 percent purity also dipped by a similar margin to finish at Rs 27,285 per 10 gm from Rs 27,515.

Silver ready (.999 fineness) dipped by Rs 475 to close at Rs 46,325 per kg from Rs 46,800 previously.

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 per cent purity shed Rs 50 each at Rs 27,900 and Rs 27,700 per ten grams, respectively. The metal had lost Rs 250 yesterday.

Sovereign remained stable at Rs 24,200 per piece of eight gram in limited deals.

In line with a general weak trend, silver ready declined further by Rs 135 to Rs 46,600 per kg and weekly-based delivery by Rs 125 to Rs 44,835 per kg. It had lost Rs 265 in the previous session.

Silver coins maintained a steady trend at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June, fell by Rs 135 to Rs 26, 770 per ten grams as against previous close of 26,905.

Similarly, silver benchmark delivery tumbled by Rs 726 to Rs 44,500.

International markets

Spot gold slipped by USD 11.50 or 0.78 percent to USD 1,466.70 per ounce.

In New York, gold for June delivery moved higher by USD 4.70 or 0.3 percent to settle at USD 1,472.10 an ounce on the Comex division of the NYMEX Tuesday.

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

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.19 percent to 1078.54 tonnes on Tuesday, their lowest since September 2009.

The fund's holdings were set for a record monthly decline of 11.5 percent.

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 (-230)/ SILVER: Rs 46,325 (-475)

Delhi
GOLD: Rs 27,900 (-50), SILVER: Rs 46,600 (-135)

Chennai
GOLD: 27,735 (-200) / SILVER: Rs 46,130 ( +195)

Kolkata
GOLD: 28,255 ( -100) / SILVER: Rs 47,000 ( -500)

Bangalore
GOLD: Rs 27,734 (-180) / SILVER: Rs 46,800 (-400)

Hyderabad
GOLD: Rs 28,200 / SILVER: Rs 48,500 (-500)

With Agency Inputs