Tag: Gold futures in India

Gold price glitters an rises to Rs 27,600 strong global cues

Gold regained its sheen with prices rising by Rs 360 to Rs 27,600 per ten grams in the national capital on Friday after it surged to two-week high in global markets amid increased demand from stockists.

In addition, depreciating rupee in the forex market, which makes imports costlier, also influenced the prices.

Silver also saw a hefty rise of Rs 900 to Rs 42,100 per kg on increased offtake by industrial units and coin makers.

Sentiments turned bullish after gold rose to two-week high in global markets as concerns that a US recovery may be stalling and escalating tensions in Iraq boosted demand for the safe-haven, traders said.

Gold in Singapore, which normally sets price trend on the domestic front, rose 0.2 per cent to USD 1,275.65 an ounce, the highest level since May 27 and silver by 0.5 per cent to USD 19.63 an ounce, the highest since May 26.

In Delhi, gold of 99.9 and 99.5 per cent purity went up by Rs 360 each to Rs 27,600 and Rs 27,400 per ten grams, respectively, while sovereign gained Rs 100 to Rs 24,500 per piece of eight grams.

In line with a general firm trend, silver ready spurted by Rs 900 to Rs 42,100 per kg and weekly-based delivery by Rs 770 to Rs 41,370 per kg.

Silver coins also flared up by Rs 2,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

June 14, 2014
Gold price remains up on sustained buying; silver recovers

New Delhi: Gold prices advanced further by Rs 120 to Rs 30,250 per 10 grams in the national capital Thursday on sustained buying by stockists and jewellers to meet the ongoing marriage season demand.

Silver also recovered by Rs 200 to Rs 43,200 per kg on increased offtake by industrial units.

Bullion merchants said sustained buying by stockists and jewellers to meet the ongoing wedding season demand mainly kept gold prices higher.

On the domestic front, gold of 99.9 and 99.5 percent purity advanced by Rs 120 each to Rs 30,250 and Rs 30,050 per 10 grams, respectively. It had gained Rs 130 yesterday.

Sovereign continued to be asked at last level of Rs 25,000 per piece of eight grams.

Silver ready recovered by Rs 200 to Rs 43,200 per kg and weekly-based delivery by Rs 210 to Rs 42,240 per kg. The white metal had lost Rs 900 in the previous two sessions.

Meanwhile, silver coins maintained steady trend at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

April 18, 2014
Gold prices in India fall to 3-week low

Gold futures in India, the world’s biggest buyer of the metal, extended losses to their lowest level in three weeks, though physical sales remained lacklustre as seasonally dull demand weighed.

At 4 p.m., the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was 1 per cent lower at Rs. 26,759 rupees per 10 grams, after hitting a low of Rs. 26,650, a level last seen on May 30.

Global gold fell over 1 per cent, extending last week’s 7 per cent decline, hurt by a stronger dollar amid worries over an early end to the U.S. Federal Reserve’s stimulus programme.

A weaker rupee kept the downside in prices limited. The rupee plays an important role in determining the landed cost of the dollar-quoted yellow metal.

“There are no supplies in the market, we are facing difficulty… our sales have declined by 75 per cent,” said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in the eastern city of Kolkata.

India imposed a ban on consignment imports in May, but has ruled out a blanket ban on gold imports or any increase in customs duty from the current 8 per cent.

On Friday, Reliance abruptly halted gold sales and investments in its gold-backed funds.

Gold imports into India fell from an average of $135 million per day in the first half of May to $36 million in the second half, Finance Minister P. Chidambaram said.

Silver for July delivery on the MCX was 1.65 per cent lower at Rs. 40,914 per kilogram.

June 25, 2013