Gold price today: Latest updates

Gold price today: Latest updates

Zee Media Bureau

Gold prices extended their downtrend by falling Rs 79 to Rs 26,795 per ten grams in futures trade Saturday as market players continued to offload their exposures, moving in tandem with a global downtrend.

At the Multi Commodity Exchange (MCX), gold for delivery in June settled lower by Rs 79 to Rs 26,795 per ten grams against its previous close of Rs 26,897.

Similarly, silver for delivery in July declined further by Rs 90 to Rs 43,526 per kg compared to Rs 43,644 on Friday.

Gold prices in overseas markets, which normally set price trend on the domestic front, closed below USD 1,400 per ounce on Friday, after US data showing low inflation and improving consumer confidence dampened investor interest, with bullion notching sharp losses for a second consecutive month.

This was also the seventh monthly drop for the yellow metal price in the last eight months.

Spot gold last traded down 1.6 percent at USD 1,390.80 an ounce, after touching its highest since May 15 of USD 1,421. This was the biggest one-day loss in two weeks.

In New York, gold for August delivery dropped by USD 19 or 1.4 percent to settle at USD 1,393 an ounce on the Comex division of the NYMEX.

Silver for July delivery also settled down 45 cents, or 2 percent at USD 22.24 an ounce.

Gold had gained more than 3 percent in the prior three sessions as discouraging US growth data and jobless claims figures boosted hopes for continued Federal Reserve stimulus.

But for the month of May, gold dropped 5.8 percent following April's decline of more than 7 percent.

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 Delhi spot market, prices of both gold and silver tumbled today on stockists selling in the face of sluggish demand at higher levels amid a weakening global trend.

While gold plunged by 440 to Rs 27,350 per 10 grams, silver dropped by Rs 980 to Rs 44,140 per kg on lack of buying by industrial units and coin makers.

Chennai

Standard gold price declined by Rs 365 to Rs 27,085 per ten grams as against its previous close of Rs 27,450.

Silver also dropped by Rs 760 to Rs 43,670 per kg from Rs 44,430.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity plunged by Rs 440 each to Rs 27,350 and Rs 27,150 per 10 grams, respectively. Sovereigns rose by Rs 100 to Rs 24,000 per piece of eight grams.

With the general weakening trend, silver ready dropped by Rs 980 to Rs 44,120 per kg and weekly-based delivery by Rs 1,060 to Rs 43,500 per kg.

However, silver coins held unchanged at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity plunged by Rs 300 to conclude at Rs 26,900 per 10 gm from Friday's closing level of Rs 27,200.

Pure gold of 99.9 percent purity slumped by Rs 310 to close at Rs 27,035 per 10 gm from Rs 27,345.

Silver ready (.999 fineness) was down by Rs 545 to finish at Rs 44,675 per kg, compared to overnight closing level of Rs 45,220.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June settled lower by Rs 79 to Rs 26,795 per ten grams against its previous close of Rs 26,897.

Similarly, silver for delivery in July declined further by Rs 90 to Rs 43,526 per kg compared to Rs 43,644 on Friday.

International markets

Spot gold last traded down 1.6 percent at USD 1,390.80 an ounce, after touching its highest since May 15 of USD 1,421. This was the biggest one-day loss in two weeks.

In New York, gold for August delivery dropped by USD 19 or 1.4 percent to settle at USD 1,393 an ounce on the Comex division of the NYMEX. Silver for July delivery also settled down 45 cents, or 2 percent at USD 22.24 an ounce.

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 the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained unchanged at 1,013.15 tonnes on Thursday, after rising for the first time in three weeks on Wednesday. But these are still near four-year low, having lost nearly 337 tonnes in 2013 so far.

Here are the city wise gold and silver rates:

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

Mumbai
GOLD: Rs 27,035 (-310) / SILVER: Rs 44,675 (-545)

Delhi
GOLD: Rs 27,350 (-440) / SILVER: Rs 44,140 (-980)

Chennai
GOLD: Rs 27,085 (-365) / SILVER: Rs 43,670 (-760)

Kolkata
GOLD: Rs 27,340 (+370) / SILVER: Rs 44,000 (-850)

Bangalore
GOLD: Rs 27,331 / SILVER: Rs 44,700

Hyderabad
GOLD: Rs 27,300 / SILVER: Rs 46,300


With Agency Inputs