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Tuesday, September 24, 2013

Gold price today: Latest updates
Extending their early losses, gold prices dropped by Rs 230 to Rs 29,644 per ten grams in futures trade Tuesday as market participants offloaded their positions in tandem with a weakening trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in October fell by Rs 230 to Rs 29,644 per ten grams as against its previous close of Rs 29,874.

Similarly, silver benchmark delivery moved lower by Rs 753 to Rs 48,640 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, failed to hold early gains and moved southwards on renewed worries that the US Federal Reserve will begin cutting its bond-buying purchases as early as next month.

Spot gold last quoted at USD 1,326.36 an ounce, up 0.4 percent, after falling over 3 percent over the past three sessions.

In New York, gold for December delivery fell by USD 5.50 to USD 1,327 an ounce on the Comex division of the NYMEX.

Meanwhile, both gold and silver fell for the third straight session in Delhi bullion market on lower demand against sustained selling in line with a weak global trend.

While gold fell by Rs 250 to Rs 30,250 per ten grams, silver lost Rs 475 to Rs 49,025 per kg on reduced offtake by jewellers and industrial units.

Mumbai

Standard gold of 99.5 percent purity slid by Rs 210 to end at Rs 29,790 per 10 gm from last Saturday's closing level of Rs 30,000.

Pure gold of 99.9 percent purity also dipped by a similar margin to close at Rs 29,935 per 10 gm from Rs 30,145.

Silver ready (.999 fineness) slumped by Rs 510 to conclude at Rs 49,765 per kg as against Rs 50,275 last weekend.

Delhi

Gold of 99.9 and 99.5 percent purity fell further by Rs 250 each to Rs 30,250 and Rs 30,050 per ten grams, respectively. The yellow metal had lost Rs 310 in the previous two sessions. Sovereign shed Rs 100 to Rs 25,000 per piece of eight gram.

Silver ready dropped by Rs 475 to Rs 49,025 per kg and weekly-based delivery by Rs 575 to Rs 48,925 per kg. The white metal had lost Rs 1,700 in last two sessions.

Silver coins, however, held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces in limited deals.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in October fell by Rs 230 to Rs 29,644 per ten grams as against its previous close of Rs 29,874.

Similarly, silver benchmark delivery moved lower by Rs 753 to Rs 48,640 per Kg.

International markets

Spot gold last quoted at USD 1,317.20 an ounce, down USD 6.10 or 0.46 percent, after falling over 3 percent in last three sessions.

In New York, gold for December delivery fell by USD 5.50 to USD 1,327 an ounce on the Comex division of the NYMEX yesterday.

Gold ETF

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.07 percent, or 0.6 tonnes, to 909.59 tonnes on Monday.

Here are the city wise gold and silver rates:

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

Mumbai
GOLD: 29,935 (-210) / SILVER: Rs 49,765 (-510)

Delhi

GOLD: Rs 30,250 (-250) / SILVER: Rs 49,025 (-475)

Chennai

GOLD: Rs 30,415 / SILVER: Rs 49,000

Kolkata
GOLD: Rs 30,610 / SILVER: Rs 49,500

Bangalore

GOLD: Rs 30,315/ SILVER: Rs 49,500

Hyderabad

GOLD: Rs 30,100 / SILVER: Rs 50,500

Courtesy: Zee Business