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Zee Media Bureau
Gold prices fell by nearly Rs 400 in futures trade Thursday as market participants offloaded their positions in tandem with a weakening trend overseas.
Read more on Gold 2014 Outlook
At the Multi Commodity Exchange (MCX), gold for delivery in April dropped by Rs 360 to settle at Rs 29,378 per ten grams after moving in range of Rs 29,353 – Rs 29,820.
Similarly, silver for delivery in March nosedived by Rs 1,185 to Rs 43,220 per Kg.
Gold in overseas markets, which normally set price trend on the domestic front, logged its worst one-day loss in over a month by falling nearly 2 percent today.
Rally in US stocks coupled with stronger dollar mainly weighed on bullion prices.
Spot gold last traded down 24.60 or 1.94 percent at USD 1,244.10 an ounce after making a high and low of USD 1,264.90 and USD 1,237.40 respectively in intra-day trade.
Read more on Commodity Market 2014 Outlook
Meanwhile, gold prices rose by Rs 240 to Rs 30,600 per ten gram at Delhi bullion market on emergence of buying at existing lower levels amid a firm global trend.
Silver followed suit and recovered by Rs 300 to Rs 44,500 per kg on increased offtake by industrial units.
In Mumbai, gold of 99.9 and 99.5 percent purity shot up by Rs 180 and Rs 185 to Rs 30,260 and Rs 30,110 per ten grams, respectively; and silver gained Rs 150 to Rs 45,050 per kg on fresh buying by stockists.
First Published: Friday, January 31, 2014, 00:39
Gold price plunges by Rs 400 in futures trade
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