Gold prices slipped in futures trade
Gold prices failed to extend yesterday’s gains in futures trade Wednesday as market participants remained cautious amid a weakening trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in December edged up by Rs 13 to Rs 30,124 per ten grams.
However, silver for delivery in December slipped by Rs 89 to Rs 49,795 per Kg.
Gold price in overseas markets, which normally set price trend on the domestic front, retreated from four-week high as a slight recovery in the dollar prompted some investors to cash in gains, with a rally sparked by weaker-than-expected US non-farm payrolls data running out of steam.
The yelow metal rose nearly 2 percent on Tuesday while the dollar index hit eight-month lows and stock markets rallied, after weak U.S. jobs data cemented expectations for the Federal Reserve to keep its stimulus measures in place until next year.
Spot gold last traded down 0.6 percent at USD 1,331.8 an ounce.
In New York, gold for December delivery moved lower by USD 10.80 to USD 1,331.80 an ounce on the Comex division of the NYMEX.
Meanwhile, gold prices surged by Rs 305 to Rs 31,930 per ten gram in Delhi bullion market on brisk buying by stockists and jewellers to meet the rising seasonal demand amid strong global trend.
Silver too zoomed by Rs 1,190 to Rs 50,200 per kg on increased offtake by industrial units and coin makers for coming festivals led by Diwali and ongoing marriage season.
Standard gold of 99.5 percent purity spurted by Rs 200 to conclude at Rs 31,330 per 10 grams from overnight closing level of Rs 31,130.
Pure gold of 99.9 percent purity spiked by Rs 190 to finish at Rs 31,470 per 10 grams as against Rs 31,280.
Silver ready (.999 fineness), however declined by Rs 120 to end at Rs 49,630 per kg from Monday’s closing level of Rs 49,750.
Gold of 99.9 and 99.5 percent purity fell by Rs 265 each to Rs 31,625 and Rs 31,425 per ten grams, respectively. It had gained Rs 390 in last two sessions.
However, sovereign found some local buying support and rose by Rs 100 to Rs 25,300 per piece of eight grams.
In line with a general weak trend, silver ready declined by Rs 340 to Rs 49,010 per kg while weekly-based delivery advanced by Rs 200 to Rs 49,300 per kg on speculators buying. The white metal had climbed Rs 850 yesterday.
Meanwhile, silver coins continued to be asked around previous level of Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.