Zee Media Bureau


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New Delhi: Gold prices increased by over Rs 100 in futures trade Wednesday as speculators created positions amid positive cues from the domestic market.


At the Multi Commodity Exchange (MCX), gold for delivery in December was trading higher by Rs 119, or 0.46 percent, to Rs 26,041 per 10 grams.


Globally, gold steadied near one-month low today as the previous day's slide tempted some price-sensitive buyers back to the market, but it remained under pressure from a rising dollar and talk of a near-term hike in US interest rates.


Prices dropped more than 1.4 percent on Tuesday, their biggest one-day fall in 3-1/2 months, to touch their lowest since early October at USD 1,114.10 an ounce.


Spot gold was at USD 1,117.70 an ounce, little changed from USD 1,117.21 late on Tuesday, while US gold futures for December delivery were up USD 3.50 an ounce at USD 1,117.60.


Delhi


Extending losses for a sixth straight session, gold prices slumped to over one-month low of Rs 26,430 by plunging Rs 270 at Delhi bullion market Wednesday in step with a weakening trend overseas amid slackened demand from jewellers and retailers.


In the national capital, gold of 99.9 and 99.5 percent purity tumbled Rs 270 each to Rs 26,430 and Rs 26,280 respectively, a level last seen on September 30. The precious metal had lost Rs 565 in the previous five sessions.


Mumbai


Standard gold (99.5 purity) plunged by Rs 325 to finish at Rs 25,950 per 10 grams from Tuesday's closing level of Rs 26,275. Pure gold (99.9 purity) also slumped by a similar margin of Rs 325 to conclude at Rs 26,100 per 10 grams against Rs 26,425 earlier.


Silver (.999 fineness) fell by Rs 120 per kg to end at Rs 36,450 from Rs 36,570 yesterday.