Gold price today: Latest updates

Gold price today: Latest updates
Zee Media Bureau

Gold prices slipped further by Rs 16 to Rs 27,750 per ten grams in futures trade Friday as market players continued to offload their exposures, moving in tandem with a weak global trend.

At the Multi Commodity Exchange (MCX), gold for delivery in June edged lower by Rs 16 to Rs 27,750 per ten grams against its previous close of Rs 27,734.

However, silver for delivery in July traded up by Rs 48 at Rs 43,283 per kg.

Gold price in overseas markets, which normally set price trend on the domestic front, eased for a second session today as investors worried about an early end to the Federal Reserve's massive bond-buying stimulus on the back of strong US data.

Markets will watch the FOMC policy meeting on June 18 and 19 for clues to a rollback of stimulus measures.

Fed officials are divided over their ultra-easy monetary policy and some warn it could stoke future inflation and financial instability.

Spot gold last traded down 0.1 percent at USD 1,384.01 an ounce after losing about 0.15 percent on Thursday following stronger-than-expected US data.

In New York, gold for August delivery fell USD 14.20 or 1 percent to settle at USD 1,377.80 an ounce on the Comex division of the NYMEX yesterday.

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, both the precious metals, gold and silver prices fell back owing to slackened demand at prevailing higher levels amid a weak global trend.

While gold fell by Rs 360 to Rs 28,190 per 10 grams, silver lost by Rs 700 to Rs 44,000 per kg on reduced offtake by jewellery fabricators and industrial units.

Chennai

Standard gold prices rose by Rs 280 to Rs 28,175 per ten grams as against its previous close of Rs 27,895.

Similarly, silver prices spurted by Rs 100 to Rs 44,035 per kg from Rs 43,935.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity fell by Rs 360 each to Rs 28,190 and Rs 27,990 per 10 grams, respectively. The metal had climbed by Rs 360 yesterday. Sovereigns followed suit and shed Rs 100 to Rs 24,300 per piece of eight grams.

Silver ready dropped by Rs 700 to Rs 44,000 per kg and weekly-based delivery by Rs 625 to Rs 43,285 per kg. The white metal had gained Rs 500 in the previous session.

Silver coins also plunged by Rs 1000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity spurted by Rs 290 to finish at Rs 27,860 per 10 gm from Wednesday's closing level of Rs 27,570.

Pure gold of 99.9 percent purity surged by Rs 295 to close at Rs 27,995 per 10 gm from Rs 27,700.

Silver ready (.999 fineness) rose by Rs 140 to close at Rs 44,610 per kg over its previous close of Rs 44,470.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June edged lower by Rs 16 to Rs 27,750 per ten grams against its previous close of Rs 27,734.

However, silver for delivery in July traded up by Rs 48 at Rs 43,283 per kg.

International markets

Spot gold last traded down 0.1 percent at USD 1,384.01 an ounce after losing about 0.15 percent on Thursday following stronger-than-expected US data.

In New York, gold for August delivery fell USD 14.20 or 1 percent to settle at USD 1,377.80 an ounce on the Comex division of the NYMEX yesterday.

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 0.63 percent to 1,003.53 tonnes on Thursday to fresh four-year low.

Here are the city wise gold and silver rates:

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

Mumbai
GOLD: Rs 27,995 (+295) / SILVER: Rs 44,610 (+140)

Delhi
GOLD: Rs 28,190 (-360) / SILVER: Rs 44,000 (-700)

Chennai
GOLD: Rs 28,175 (+280) / SILVER: Rs 44,035 (+100)

Kolkata
GOLD: Rs 28,085 28,355 (+270) / SILVER: Rs 44,100 (+100)

Bangalore
GOLD: Rs 28,317 (+123) / SILVER: Rs 44,600

Hyderabad
GOLD: Rs 28,400 / SILVER: Rs 45,000

With Agency Inputs