Gold Prices Maintains An Upward Trend For The Fourth-Straight Day

Gold prices maintained an upward trend for the fourth-straight day by adding Rs 200 to Rs 27,600 per 10 grams in the national capital Tuesday on sustained buying by stockists and retailers.

Gold prices in futures trade however, failed to maintain their winning streak and fell by up to Rs 200 per ten grams amid down trend in international markets as more outflows from gold exchange-traded funds summed up investors' weakening confidence in the metal.

At Delhi spot market, Silver lacked necessary follow up support and dropped by Rs 800 to Rs 45,000 per kg.

Gold in overseas markets, which normally set price trend on the domestic front, moved lower by USD 14.30 or 1 percent to USD 1,412 per ounce.

At the Multi Commodity Exchange (MCX), metal for delivery in June contracts fell by Rs 245 to trade lower at Rs 26,112 per ten grams after moving in range of Rs 26,062-26,448.

Similarly, Silver for delivery in May contracts dropped by Rs 947 to Rs 42,740 per Kg after moving in range of Rs 42,338-43,484.

Delhi

In the national capital, gold of 99.9 and 99.5 percent purity advanced by Rs 200 each to Rs 27,600 and Rs 27,400 per 10 grams, respectively. It had gained Rs 1,050 in last three sessions.

Sovereign, however, held steady at Rs 24,100 per piece of eight gram in scattered deals.

On the other hand, silver ready dropped by Rs 800 to Rs 45,000 per kg and weekly-based delivery by Rs 1020 per kg. The white metal had gained Rs 500 yesterday.

Silver coins also plunged by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity and pure gold of 99.9 percent purity both settled down by Rs 70 and Rs 75 at Rs 26,630 and Rs 26,765 per 10 gm, respectively.

Silver ready (.999 fineness) fell by Rs 1,030 to Rs 45,150 per kg from Monday's closing level of Rs 44,955.

Chennai

Standard gold price moved higher by Rs 90 to Rs 27,050 per ten grams as against its previous close of Rs 26,960. Silver however, slipped by Rs 800 to Rs 44,050 from Rs 44,850 per kg.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), yellow metal for delivery in June contracts fell by Rs 245 to trade lower at Rs 26,112 per ten grams after moving in range of Rs 26,062-26,448.

Similarly, Silver for delivery in May contracts dropped by Rs 947 to Rs 42,740 per Kg after moving in range of Rs 42,338-43,484.

International markets

Spot gold moved lower by USD 14.30 or 1 percent to USD 1,412 per ounce. Gold in overseas markets had touched its lowest level in more than two years of USD 1,321.35 on last Tuesday.

Gold ETF

Holdings on SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, tumbled to their lowest level since early 2010, which indicated that some investors were shifting their money into equities.

Here are the city wise gold and silver rates:

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

Mumbai
GOLD: Rs 26,765 (-75)/ SILVER: Rs 45,150 (-1030)

Delhi
GOLD: Rs 27,600 (+200), SILVER: Rs 45,000 (-800)

Chennai
GOLD: 27,125 (+90)/ SILVER: Rs 44,050 (-800)

Kolkata
GOLD: 28,150 (+300)/ SILVER: Rs 45,500 (-750)

Bangalore
GOLD: Rs 27,098 (+213) / SILVER: Rs 45,600 (-200)

Ahmedabad
GOLD: Rs 26,270 / SILVER: 44,200

Hyderabad
GOLD: Rs 27,800 (unchanged) / SILVER: 49,000 (+150)

Courtesy: Zee News with Agency Inputs