Gold prices quoted down Rs 186 at Rs 26,260 per ten grams in futures trade Tuesday as market players continued to reduce their exposures, largely in tandem with a global trend as firming dollar reduced appeal for safe haven investment.
At the Multi Commodity Exchange (MCX), gold for delivery in June shed Rs 186 to trade at Rs 26,260 per ten grams.
Similarly, silver for delivery in July moved lower by Rs 570 to Rs 43,040 per kg.
Gold prices in overseas markets, which normally set price trend on the domestic front, fell today as Asian stock markets and the dollar firmed after a turbulent week, undermining the metal’s appeal as a safe haven and prompting more selling in bullion-backed exchange traded funds.
Spot gold last traded down USD 8.50 or 0.61 percent at USD 1,378.80 an ounce, after gaining more than half a percent on Monday.
It rose 2 percent last week – its strongest weekly percentage gain in a month – though the metal is down 17 percent for the year.
Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.
In Delhi spot market, both the precious metals, gold and silver declined today on stockists selling at existing higher levels, driven by a weak global trend.
While gold tumbled by Rs 465 to Rs 26,950 per ten grams, silver shed by Rs 880 to Rs 44,000 per kg on reduced offtake.
Chennai
Standard gold price inched up by Rs 10 to Rs 26,775 per ten grams as against its previous close of Rs 26,765.
Silver rallied by Rs 415 to Rs 43,880 per kg from Rs 43,465.
Delhi
In the national capital, gold of 99.9 and 99.5 percent purity tumbled by Rs 465 each to Rs 26,950 and Rs 26,750 per ten grams, respectively.
It had gained Rs 465 in the previous two session. Sovereign followed suit and declined by Rs 100 to Rs 23,700 per piece of eight gram.
In a similar fashion, silver ready dropped by Rs 880 to Rs 44,000 per kg and weekly-based delivery by Rs 235 to Rs 43,360 per kg. The white metal had gained Rs 880 in last three sessions.
However, silver coins held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces in scattered deals.
Mumbai
Standard gold of 99.5 percent purity shed by Rs 90 to finish at Rs 26,390 per 10 gm from Monday’s closing level of Rs 26,480.
Pure gold of 99.9 percent purity slipped by Rs 100 to conclude at Rs 26,530 per 10 gm from Rs 26,630.
Silver ready (.999 fineness) fell by Rs 300 to end at Rs 44,430 per kg compared to Rs 44,730 yesterday.
Futures Trade (MCX)
At the Multi Commodity Exchange (MCX), gold for delivery in June shed Rs 186 to trade at Rs 26,260 per ten grams.
Similarly, silver for delivery in July moved lower by Rs 570 to Rs 43,040 per kg.
International markets
Spot gold last traded down USD 8.50 or 0.61 percent at USD 1,378.80 an ounce, after gaining more than half a percent on Monday.
Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.
Gold ETF
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, are at their lowest since mid-February 2009, falling 0.24 percent to 1,016.16 tonnes on Friday. The fund held 1,350.50 tonnes of gold at the beginning of 2013.
Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)
Mumbai
GOLD: Rs 26,530 (-100) / SILVER: Rs 44430 (-300)
Delhi
GOLD: Rs 27,950 (-465) / SILVER: Rs 44,000 (-880)
Chennai
GOLD: 26,775 (+10) / SILVER: Rs 43,880 (+415)
Kolkata
GOLD: Rs 26,900 (-100) / SILVER: Rs 43,800 (-350)
Bangalore
GOLD: Rs 26,817 ( -146) / SILVER: Rs 44,600 (-200)
Hyderabad
GOLD: Rs 27050 (-150) / SILVER: Rs 47,300 ( +300)
