Gold price today: Latest updates

Gold price today: Latest updates

Zee Media Bureau

Gold rallied by Rs 339 to Rs 26,302 per ten grams in futures trade Thursday as speculators enlarged their exposures, moving in tandem with a positive global trend amid weakness in rupee at home.

At the Multi Commodity Exchange (MCX), gold for delivery in June recovered by Rs 339 to Rs 26,302 per ten grams as against its previous close of Rs 25,963.

Silver for delivery in July gained by Rs 231 to Rs 43,457 per kg compared to Rs 43,226 on Wednesday.

Gold prices in overseas markets, which normally set price trend on the domestic front, bounced back today from the previous session's losses as the dollar fell sharply and European shares dropped after weak Chinese factory activity added to concerns about a delayed recovery in the country.

Spot gold last traded up USD 19.20 or 1.40 percent at USD 1,389.90 an ounce, holding near a two-year low of USD 1,321.35 reached in April.

The flash HSBC Purchasing Managers' Index in China for May slipped under the 50-point level separating expansion from contraction, for the first time since October.

Gold prices fell more than one percent on Wednesday after Fed Chairman Ben Bernanke said a decision to reduce the central bank's USD 85 billion bond-buying programme could be taken in the 'next few meetings' depending on whether the economy maintained momentum.

Gold previously reached a one-week high at USD 1,414.25 an ounce as the Fed chairman's prepared testimony to the Congress sounded more dovish. He said a premature tightening of monetary policy carried substantial risks to the economic recovery.

The market is turning its attention towards US weekly jobless claims later in the day.

The precious metal has fallen around 17 percent since the start of the year, as investors have generally fled to higher-yielding assets such as stocks.

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.

In spot market of Delhi, Gold prices today fell for the second straight session by losing Rs 20 to Rs 27,000 per 10 grams due to sustained selling by stockists amid a weak global trend.

Silver also met with resistance at prevailing higher levels and lost Rs 300 at Rs 44,000 per kg. The white metal had gained Rs 2130 in the previous two session.

Chennai

Standard gold price gained further by Rs 80 to Rs 26,780 per ten grams as against its previous close of Rs 26,700.

Likewise, silver edged lower by Rs 35 to Rs 43,630 per kg from Rs 43,665.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity fell further by Rs 20 to Rs 27,000 and Rs 26,800 per 10 grams, respectively. It had shed Rs 30 yesterday.

Sovereigns remained steady at Rs 23,700 per piece of eight grams in restricted buying activity.

In line with a general weak trend, silver ready declined by Rs 300 to Rs 44,000 per kg and weekly-based delivery by Rs 1,195 to Rs 43,170 per kg for want of support.

On the other hand, silver coins maintained steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity moved higher by Rs 85 to conclude at Rs 26,445 per 10 gm from Tuesday's closing level of Rs 26,360.

Pure gold of 99.9 percent purity gained by Rs 80 to close at Rs 26,585 from Rs 26,505.

Silver ready (.999 fineness) rallied by Rs 800 to finish at Rs 44,915 per kg from overnight closing level of Rs 44,115.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June recovered by Rs 339 to Rs 26,302 per ten grams as against its previous close of Rs 25,963.

Silver for delivery in July gained by Rs 231 to Rs 43,457 per kg compared to Rs 43,226 on Wednesday.

International markets

Spot gold last traded up USD 19.20 or 1.40 percent at USD 1,389.90 an ounce, holding near a two-year low of USD 1,321.35 reached in April.

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 in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.3 percent to 1,020.07 tonnes on Wednesday, the lowest in more than four years.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai
GOLD: Rs 26,585 (+80) / SILVER: Rs 44,915 (+800)

Delhi
GOLD: Rs 27,000 (-20) / SILVER: Rs 44,000 (-300)

Chennai
GOLD: 26,780 (+80) / SILVER: Rs 43,630 (-35)

Kolkata
GOLD: Rs 27,015 (+40) / SILVER: Rs 44,200 ( -100)

Bangalore
GOLD: Rs 26,894 / SILVER: Rs 44,300

Hyderabad
GOLD: Rs 27,000 / SILVER: Rs 45,500

With Agency Inputs