Gold prices extended an upward trend for the fifth-straight day by adding Rs 480 to Rs 27,530 per 10 grams in the Chennai bullion market Thursday, mostly in line with a firming trend in the futures trade, supported by sustained buying by stockists and retailers.
Standard gold price moved higher by Rs 480 to Rs 27,530 per ten grams as against its previous close of Rs 27,050.
Silver also rallied by Rs 895 to Rs 44,945 from Rs 44,050 per kg.
In Mumbai, gold reclaimed Rs 27,000 per ten grams level on continued physical buying.
Gold prices continued their upward momentum in futures trade today and rallied by over Rs 270 points on sustained speculative buying, encouraged by uptrend in international markets.
Silver also regained its Rs 43,000-level in futures trade.
At the Multi Commodity Exchange (MCX), metal for delivery in June contracts climbed by Rs 271 to trade higher at Rs 26,659 per ten grams.
Silver for delivery in May contracts increased by Rs 428 to Rs 43,320 per Kg.
Gold in overseas markets, which normally set price trend on the domestic front, surged by 14.50 or 1.01 percent to USD 1,447.00 per ounce.
Apart from speculative buying, gold price in international markets also got support from weak German economic data, which fanned speculation that the European Central Bank could cut interest rates.
But strong US dollar coupled with firming equities and continuous decline in holdings by exchange-traded funds looks set to cap prices.
In global markets 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.
Mumbai
Standard gold of 99.5 percent purity and pure gold of 99.9 percent purity both traded up by Rs 360 at Rs 26,930 and Rs 27,070 per ten grams, respectively.
Silver ready (.999 fineness) moved higher by Rs 450 to Rs 45,050 per kg from Wednesday’s closing level of Rs 44,600.
Chennai
Standard gold price moved higher by Rs 480 to Rs 27,530 per ten grams as against its previous close of Rs 27,050.
Silver also rallied by Rs 895 to Rs 44,945 from Rs 44,050 per kg.
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.
Futures Trade (MCX)
At the Multi Commodity Exchange (MCX), metal for delivery in June contracts climbed by Rs 271 to trade higher at Rs 26,659 per ten grams.
Silver for delivery in May contracts increased by Rs 428 to Rs 43,320 per Kg.
International markets
Gold in overseas markets, which normally set price trend on the domestic front, surged by 14.50 or 1.01 percent to USD 1,447.00
In international markets 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
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.38 percent to 1092.98 tonnes on Wednesday from 1097.19 tonnes on Tuesday. The current holdings are at multi-year low.
Here are the city wise gold and silver rates:
(Gold rates per 10 gm/Silver rates per Kg)
Mumbai
GOLD: Rs 27,070 (+360)/ SILVER: Rs 45,050 (+450)
Delhi
GOLD: Rs 27,600 (+200), SILVER: Rs 45,000 (-800)
Chennai
GOLD: 27,530 (+480)/ SILVER: Rs 44,945 (+895)
Kolkata
GOLD: 28,430 (+280)/ SILVER: Rs 46,050 (+550)
Bangalore
GOLD: Rs 27,091 (-7) / SILVER: Rs 45,700 (+100)
Ahmedabad
GOLD: Rs 26,270 / SILVER: 44,200
Hyderabad
GOLD: Rs 28,800 (+1000) / SILVER: 49,000 (unchanged)
