Zee Media Bureau

Gold prices tumbled below Rs 26,000 per ten grams level by falling Rs 417 to Rs 25,893 per ten grams in futures trade Thursday as speculatord offloaded more positions in tandem with a weak global trend.

At the Multi Commodity Exchange (MCX), gold for delivery in June, fell further by Rs 417 to Rs 25,893 per ten grams as against its previous close of Rs 26,310.

Silver for delivery in July dropped by Rs 949 to Rs 42,365 per kg compared to Rs 43,314 on Wednesday.

Meanwhile, rolling down gold prices dropped to one-month low by losing Rs 500 to Rs 26,800 per 10 grams in Delhi bullion market today on heavy selling by stockists driven by weak global trend.

This fall was in continuation to a steep fall of Rs 600 yesterday to hit a level last seen on April 17, after the metal tumbled in overseas markets driven by reports investors cutting their holdings.

Silver also plunged by Rs 1,000 to Rs 43,700 per kg on poor offtake by industrial units and coin makers.

Gold prices in overseas markets, which normally set price trend on the domestic front, fell to their weakest level in almost a month today, hurt by a firmer dollar and as holdings in exchange-traded funds fell to the lowest in over four years, potentially stretching bullion’s losing streak to a sixth day.

If gold ends lower on the day, it would be its longest losing streak since March 2009. The drops have already helped to fuel another scramble for bullion that has push Asian premiums for physical gold to record highs.

Spot gold fell to as low as USD 1,374.99 an ounce, its cheapest since April 18.

Gold is less than USD 60 away from two-year lows hit in mid-April. Prices have fallen nearly 18 percent this year and are well below a record top near USD 1,920 struck in September 2011.

In New York, gold for June delivery on Tuesday fell by USD 28.30, or 2 percent, to settle at USD 1,396.20 an ounce on the Comex division of the NYMEX.

Chennai

Standard gold price moved lower by Rs 510 to Rs 26,580 per ten grams as against its previous close of Rs 27,090.

Likewise, silver tanked by Rs 1,120 to Rs 42,890 per kg from Rs 44,010.

Delhi

In the national capital, gold of 99.9 and 99.5 per cent purity plunged further by Rs 500 each to Rs 26,800 and Rs 26,600 per 10 grams, respectively. Sovereigns also dropped by Rs 300 to Rs 23,700 per piece of eight grams.

Silver ready dropped by Rs 1000 to Rs 43,700 per kg and weekly-based delivery by Rs 940 to Rs 43,940 per kg. Silver coins too tumbled by Rs 1000 to 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Mumbai

Standard gold of 99.5 percent purity shed Rs 270 to finish at Rs 26,760 per 10 gm from Tuesday’s closing level of Rs 27,030.

Pure gold of 99.9 percent purity fell by Rs 255 to conclude at Rs 26,900 per 10 gm, as compared to Rs 27,155.

Silver ready (.999 fineness) tumbled by Rs 715 to end at Rs 44,695 per kg from Rs 45,410 yesterday.

Futures Trade (MCX)

At the Multi Commodity Exchange (MCX), gold for delivery in June, fell further by Rs 417 to Rs 25,893 per ten grams as against its previous close of Rs 26,310.

Silver for delivery in July dropped by Rs 949 to Rs 42,365 per kg compared to Rs 43,314 on Wednesday.

International markets

Spot gold fell to as low as USD 1,374.99 an ounce, its cheapest since April 18.

In New York, gold for June delivery on Wednesday fell by USD 28.30, or 2 percent, to settle at USD 1,396.20 an ounce on the Comex division of the NYMEX.

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 0.43 percent to 1047.14 tonnes on Wednesday from 1051.65 tonnes on Tuesday, their lowest since March 2009.

Here are the city wise gold and silver rates:

(Gold rates per 10 gm/Silver rates per Kg)

Mumbai
GOLD: Rs 26,630 / SILVER: Rs 44,280

Delhi
GOLD: Rs 26,800 (-500)/ SILVER : Rs 43,700 (-1,000)

Chennai
GOLD: 26,580 (-510) / SILVER: Rs 42,890 (-1,120)

Kolkata
GOLD: Rs 27,050 / SILVER: Rs 43,550

Bangalore
GOLD: Rs 27,331/ SILVER: Rs 45,000

Hyderabad
GOLD: Rs 28,000 / SILVER: Rs 48,000