For Quick Alerts
For Daily Alerts

    Gold futures plunge below Rs 28,000 mark


    Gold futures plunged more than 1% in electronic trade tracking weak overseas trend weighed by strong dollar after unexpected contraction in U.S. retail sales.

    Globally, the yellow metal came under heavy selling pressure from exchange-traded fund following upbeat jobless claims data in Europe amid speculation that Cyprus may sell excess amount of gold to tide over its financial crisis, reports PTI.

    International gold slipped more than 20% from its record 2011 highs. It was seen at $1,458 an ounce.


    Other commodities also came under pressure following gold. Globally, investors are scrapping their gold holdings over a view that gold is no more safe-haven asset.

    On Friday, gold prices fell to its 11-months low and closed below the Rs 29,000 per 10 gram mark as speculators off loaded their positions tracking overseas trend.

    Domestically, gold futures for June contract was seen trading lower by Rs 347 at Rs 27,833 per 10 grams at 11.00 am IST on the Multi Commodity Exchange.

    The fall in prices may attarct physical buyers of India, who waited long for the prices to come down.

    Let us look at the prices across major metros as on 12 April 2013.


    Mumbai spot gold of 99.9 and 99.5% purity was seen at Rs 29,335 and Rs 29,470 per 10 grams, respectively.




    Delhi spot gold of 99.9 and 99.5% purity was seen at Rs 29,600 and Rs 29,400 per 10 grams, respectively.



    Chennai spot gold of 99.9 and 99.5% purity was seen at Rs 29,520 and Rs 29,400 per 10 grams, respectively.



    Jaipur spot gold of 99.9 and 99.5% purity was seen at Rs 29,325 and Rs 29,300 per 10 grams, respectively.



    Ahmadabad spot gold of 99.9 and 99.5% purity was seen at Rs 29,375 and Rs 29,250 per 10 grams, respectively.

    Read more about: gold futures dollar
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more