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Zee Media Bureau/Ajeet Kumar
Retreating from their 2-month high level, gold prices dropped by Rs 231 to Rs 29,567 per ten grams in futures trade Tuesday, even a range-bound trend overseas.
Read more on Gold 2014 Outlook
Appreciation in rupee against US dollar mainly weighed on bullion prices.
The rupee today jumped by 59 paise, its biggest gain in over two months, to close at 62.51 Vs dollar.
At the Multi Commodity Exchange (MCX), gold for delivery in April declined by Rs 231 to Rs 29,567 per ten grams after moving in range of Rs 29,476 – Rs 29,718.
Similarly, silver for delivery in March plumged by Rs 627 to Rs 44,587 per Kg.
Gold in overseas markets, which normally set price trend on the domestic front, moved in a tight range today, ahead of the start later in the day of a two-day meeting by the US Federal Reserve.
Spot gold last traded up 2.20 or 0.18 percent at USD 1,259.70 an ounce after making a high and low of USD 1,262.50 and USD 1,252.10 respectively in intra-day trade.
Read more on Commodity Market 2014 Outlook
Meanwhile, gold prices fell by Rs 70 to Rs 30,500 per ten gram at Delhi bullion market on profit-selling by stockists at prevailing higher levels amid a weak global trend.
Silver also declined by Rs 75 to Rs 45,000 per kg on reduced offtake by industrial units.
In Mumbai, gold of 99.9 and 99.5 percent purity lost Rs 150 each to Rs 30,150 and Rs 30,000 per ten gram, respectively; while silver shed Rs 50 to Rs 45,750 per kg.
Delhi
Gold of 99.9 and 99.5 percent purity declined by Rs 70 each to Rs 30,500 and Rs 30,300 per ten gram, respectively. It had gained Rs 400 in the last three trading sessions.
Sovereign, however, found selective buying and rose by Rs 50 to Rs 25,200 per piece of eight gram.
In line with a general weak trend, silver ready declined by Rs 75 to Rs 45,000 per kg and weekly-based delivery by Rs 50 to Rs 44,900 per kg.
On the other hand, silver coins spurted by Rs 1,000 to Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces on upsurge in marriage season demand.
International markets
Spot gold last traded up 2.20 or 0.18 percent at USD 1,259.70 an ounce after making a high and low of USD 1,262.50 and USD 1,252.10 respectively in intra-day trade.
Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)
Mumbai
GOLD: Rs 30,150 (-150) / SILVER: Rs 45,750 (-50)
Delhi
GOLD: Rs 30,5700 (-70) / SILVER: Rs 45,005 (-75)
Chennai
GOLD: Rs 29,980/ SILVER: Rs 44,535
Kolkata
GOLD: Rs 29,950/ SILVER: Rs 45,550
Bangalore
GOLD: Rs 30,229/ SILVER: Rs 45,100
Hyderabad
GOLD: Rs 30,300 / SILVER: Rs 46,000
First Published: Tuesday, January 28, 2014, 20:07
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