Gold prices in futures trade manged to regain 25,000-level by recouping
most part of their early losses in post evening session of trade Friday
as market players covered their short positions in tandem with a firming
global trend.
At the Multi Commodity Exchange (MCX), gold for delivery in August traded down by Rs 7 at Rs 25,368 per ten grams after moving in range of Rs 24,830-25,470.
However, silver for delivery in July moved higher by Rs 196 to Rs 38,992 per kg.
According to Shiv Shrivastava, MD & CEO, IGuru Research, next target for the yellow metal will be Rs 24,600.
He, however, mentioned that in the medium term domestic prices may see more downside as compared to overseas market as sustained weakness in rupee will prompt RBI to take necessary steps, which may lastly give some boost to Indian currency against US dollar.
Gold price in overseas markets, which normally set price trend on the domestic front, fell below USD 1,200 today to its lowest since August 2010 before recovering, and is on track to post its worst quarter since at least 1968 on persistent worries over the US Federal Reserve's plan to wind down its monetary stimulus.
The yellow metal has taken a beating since the beginning of last week - losing as much as 15 percent, or about USD 200 an ounce - after Fed Chairman Ben Bernanke laid out a strategy to roll back the bank's USD 85 billion monthly bond purchases in the face of a recovering economy.
Spot gold fell to a near three-year trough of USD 1,180.71 before gaining USD 15.70 or 1.31 percent to USD 1,217.50.
In New York, gold for August delivery dropped 18.20 or 0.86 percent to settle at USD 1,211.60 an ounce on the Comex division of the NYMEX yesterday.
In Delhi spot market, gold prices tumbled to a 23-month low by losing Rs 1,150 to Rs 25,650 per 10 grams on heavy selling by stockists and investors, triggered by a steep fall in overseas markets.
All round selling by stockists on free-fall in overseas markets and investors shifting their funds to surging equities mainly pulled down the gold prices to a level last seen on August 9, 2011.
Silver also dropped by Rs 1,490 to trade below Rs 40,000 at Rs 39,010 per kg on poor offtake by jewellers and coins makers.
At the Multi Commodity Exchange (MCX), gold for delivery in August traded down by Rs 7 at Rs 25,368 per ten grams after moving in range of Rs 24,830-25,470.
However, silver for delivery in July moved higher by Rs 196 to Rs 38,992 per kg.
According to Shiv Shrivastava, MD & CEO, IGuru Research, next target for the yellow metal will be Rs 24,600.
He, however, mentioned that in the medium term domestic prices may see more downside as compared to overseas market as sustained weakness in rupee will prompt RBI to take necessary steps, which may lastly give some boost to Indian currency against US dollar.
Gold price in overseas markets, which normally set price trend on the domestic front, fell below USD 1,200 today to its lowest since August 2010 before recovering, and is on track to post its worst quarter since at least 1968 on persistent worries over the US Federal Reserve's plan to wind down its monetary stimulus.
The yellow metal has taken a beating since the beginning of last week - losing as much as 15 percent, or about USD 200 an ounce - after Fed Chairman Ben Bernanke laid out a strategy to roll back the bank's USD 85 billion monthly bond purchases in the face of a recovering economy.
Spot gold fell to a near three-year trough of USD 1,180.71 before gaining USD 15.70 or 1.31 percent to USD 1,217.50.
In New York, gold for August delivery dropped 18.20 or 0.86 percent to settle at USD 1,211.60 an ounce on the Comex division of the NYMEX yesterday.
In Delhi spot market, gold prices tumbled to a 23-month low by losing Rs 1,150 to Rs 25,650 per 10 grams on heavy selling by stockists and investors, triggered by a steep fall in overseas markets.
All round selling by stockists on free-fall in overseas markets and investors shifting their funds to surging equities mainly pulled down the gold prices to a level last seen on August 9, 2011.
Silver also dropped by Rs 1,490 to trade below Rs 40,000 at Rs 39,010 per kg on poor offtake by jewellers and coins makers.
