Gold price today: Latest updates

Gold price today: Latest updates

Zee Media Bureau/Ajeet Kumar

Gold prices dipped below Rs 29,000 level by falling Rs 432 to Rs 28,871 per ten grams in futures trade Thursday as market participants offloaded their positions in tandem with a weakening trend overseas.

Appreciation in rupee against the US dollar also weighed on bullion prices.

The rupee bounced back by 54 paise to close at an almost two-month high of 61.39 against the dollar.

At the Multi Commodity Exchange (MCX), gold for delivery in December declined by Rs 432 to Rs 28,871 per ten grams.

Similarly, silver for delivery in December moved lower by Rs 681 to Rs 48,328 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, dipped below USD 1,300 on signs the Federal Reserve may trim its stimulus measures this year and as the dollar rebounded after President Barack Obama began meetings with lawmakers to resolve the US budget crisis.

Safe-haven buying, seen in the last few sessions as a result of the US government shutdown, evaporated as the dollar climbed off eight-month lows, also helped by the nomination of Janet Yellen as the next Fed chief.

Spot gold last traded down 0.71 percent or USD 9.30 at USD 1,298.70 an ounce.

Meanwhile, gold prices rebounded by Rs 190 to Rs 31,000 per ten grams in Delhi bullion market on pick up in festive season demand.

On the other hand, silver dropped further by Rs 620 to Rs 49,050 per kg on lack of buying interest.

Mumbai

Standard gold of 99.5 percent purity declined by Rs 95 to end at Rs 30,215 per 10 gram from Wednesday's closing level of Rs 30,310.

Pure gold of 99.9 percent purity eased by Rs 90 to conclude at Rs 30,365 per 10 gram from Rs 30,455 yesterday.

Silver ready (.999 fineness) slumped by Rs 750 to finish at Rs 49,310 per kg from Rs 50,060 previously.

Delhi

Gold of 99.9 and 99.5 percent purity shot up by Rs 190 each to Rs 31,000 and Rs 30,800 per ten grams, respectively. It had lost Rs 120 yesterday. Sovereign added Rs 100 to Rs 25,200 per piece of eight gram.

However, silver ready dropped by Rs 620 to Rs 49,050 per kg and weekly-based delivery by Rs 650 to Rs 48,900 per kg after losing Rs 280 in the previous session.

Silver coins remained steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in December declined by Rs 432 to Rs 28,871 per ten grams.

Similarly, silver for delivery in December moved lower by Rs 681 to Rs 48,328 per Kg.

International markets

Spot gold last traded down 0.71 percent or USD 9.30 at USD 1,298.70 an ounce.

In New York, gold for December delivery declined by USD 17.40 to settle at USD 1,307.20 an ounce on the Comex division of the NYMEX yesterday.

Here are the city wise gold and silver rates:

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

Mumbai

GOLD: 30,365 (-90) / SILVER: Rs 49,310 (-750)

Delhi

GOLD: Rs 31,000 (+190) / SILVER: Rs 49,050 (-620)

Chennai

GOLD: Rs 30,110/ SILVER: Rs 48,630

Kolkata

GOLD: Rs 30,395 / SILVER: Rs 48,800

Bangalore

GOLD: Rs 30,435/ SILVER: Rs 48,900

Hyderabad

GOLD: Rs 30,380 / SILVER: Rs 50,200