Skip to main content


After hitting over 21-month low, gold prices rose over 1 per cent to Rs 25,906 per ten grams in futures trade today as speculators covered their short positions after it recovered partially in the global market. At the Multi Commodity Exchange, the most-active delivery in June contracts traded Rs 272, or 1.06 per cent higher at Rs 25,906 per ten gram after touching a low of Rs 25,270 in early trade, a level last seen in August 2011. It clocked a turnover of 42,553 lots. On similar lines, the metal for delivery in far-month August reversed initial losses to trade Rs 229, or 0.88 per cent, to Rs 26,330 per 10 gm in 1,245 lots. Market analysts said recovery in the global markets, as investors feel the fall was overdone and covering-up of short positions by speculators at prevailing levels, helped gold recover from 21-month low at futures trade here. Globally, gold recovered by USD 29.80, or 2.20 per cent to USD 1,382.40 per ounce in early trade in London. Meanwhile, the metal had lost 14 per cent in the previous two days. SILVER GOLD PRICES @ 8 MONTHS LOW

In the International Market Silver today fell to an eight-month low on concern that industrial consumption is not strong enough at a time when demand is waning for a protection of wealth. Silver slid 1.3 per cent to USD 26.91 an ounce, the lowest since July 25. Prices are down 11 per cent this year. Gold lost 0.5 per cent to USD 1,568.45 an ounce, after reaching USD 1,563.68, the lowest since March 8. The metal is down 6.4 per cent this year after rallying the past 12 years in the longest run in at least nine decades. Gold declined this year on confidence that the US economy is strengthening and as some Federal Reserve policy makers debated the pace of asset purchases. While the International Monetary Fund is predicting global growth of 3.5 per cent in 2013, from 3.2 per cent in 2012, it expects a second year of contraction in the euro area. About 53 per cent of silver is used in industrial applications from televisions to batteries, the Washington-based Silver Institute estimates. Global government stimulus has cut the likelihood of further banking and liquidity crises and reduced the need for a protection of wealth, Credit Suisse said today. The bank cut its 2013 gold forecast by 9.2 per cent to USD 1,580 and lowered its silver estimate by 11 per cent to USD 28.50. Investors own 19,691.8 metric tonnes of silver through exchange-traded products, about 0.2 per cent below the March 18 record. Holdings in the SPDR Gold Trust, the biggest gold-backed ETP dropped to 1,208.9 tonnes, the lowest level since July 2011. 

Gold prices today tumbled by Rs 750 to Rs 27,600 per 10 grams to hit an over 15-month low in the national capital due to persistent selling by stockists triggered by a heavy sell-off in global markets. The precious metal, which had suffered the most ever in the previous session by losing Rs 1,250, today fell further to touch its lowest level since December 31, 2011. Silver followed suit and plunged by Rs 2,100 to Rs 48,000 per kg in continuation to a drop of Rs 2,500 on Saturday on poor offtake by industrial units and coin makers. Selling further gathered momentum as gold on the global front plunged to the lowest level since April 2011 on speculation that some central banks selling and expectations of some economic recovery. In London, gold dropped by USD 90.70, or 6.14 per cent, to USD 1,386.30 an ounce. Silver also fell by 10.52 per cent to USD 23.13 an ounce. Besides on the domestic front, weak trend at the futures market, where both the precious metals, silver and gold, hit their daily lower limits, further fuelled the downtrend. Also in the spot market, gold of 99.9 and 99.5 per cent purity tumbled by Rs 750 each to Rs 27,600 and Rs 27,400 per 10 grams, respectively. Sovereigns declined by Rs 100 to Rs 24,700 per piece of eight grams. In line with a general weak trend, silver ready dropped further by Rs 2,100 to Rs 48,000 per kg and weekly-based delivery by Rs 2,880 to Rs 45,900 per kg. Silver coins plummeted by Rs 3,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces. 


Popular posts from this blog


Telecom stocks today surged up to 8 per cent after the recent increase in Reliance Jio tariffs, which is largely seen as positive for the sector. Shares of Bharti Airtel jumped 4.99 per cent to close at Rs 497.50 on BSE. Bharti Airtel was the biggest gainer among the 30-share index components. The scrip of Idea Cellular soared 7.74 per cent to end at Rs 98.15 and Reliance Communications zoomed 7.60 per cent to Rs 17.70. Reliance Jio made its service dearer by about 15 per cent for its popular 84-day plan at Rs 459 from October 19, under which subscribers get 1GB 4G data at high speed per day. The company restructured its various schemes by reducing their validity period. The recent increase in Reliance Jio tariffs will increase its average revenue per user by up to 20 per cent and is a positive for the telecom sector, which is seeing a rapid consolidation, says a Philip Capital report. Established telecom sector players have seen huge reduction in their margins. Idea Cellular and Reli…


Stock markets ended on a flat note on Wednesday, just below their record highs, but finished Samvat 2073 with robust gains of over 16 per cent. Equities added over Rs 25 lakh crore to investors' wealth this Samvat year. The benchmark Sensex has gained 4642.84 points, or 16.61 per cent, in the Hindu Samvat year 2073, while the broader NSE Nifty surged 1572.85 points, or 18.20 per cent during this period.
Small loss in last session
In the last session of the Samvat 2073 on Wednesday, the 50-share Nifty fell by 23.60 points or 0.23 per cent to close at 10,210.85 after moving between 10,175.75 and 10,236.45. The Sensex resumed lower at 32,518.56 and fell further to a low of 32,462.85 before ending at 32,584.35, down 24.81 points or 0.08 per cent. Investors adopted a cautious approach ahead of the long Diwali weekend, while a weak rupee too affected sentiment, brokers said.
- Axis Bank emerged as the worst performer among Sensex components, tumbling 9.52 per cent following a spike in ba…


The Aditya Birla group has entered the top valuation league with a market cap of over USD 50 billion post listing of financial services arm Aditya Birla Capital (ABCL), but Tatas remain on top with over USD 132 billion.
The combined market valuation of the Kumar Mangalam Birla-led listed companies stood at Rs 3,42,354.87 crore (USD 53.5 billion) at the end of Friday's trade.
Among various listed companies of the group, UltraTech Cement's valuation stood at Rs 1,10,097.70 crore at the end of Friday's trade while that of Grasim Industries was Rs 76,881.73 crore.
The newly-listed Aditya Birla Capital's market capitalisation was over Rs 55,000 crore, Hindalco (Rs 54,607.09 crore), Idea Cellular (Rs 32,064.91 crore), Aditya Birla Fashion and Retail (Rs 13,155.73 crore) and Aditya Birla Money (Rs 547.71 crore).
Among Indian conglomerates, the Tata group remains on the top in terms of total valuation of listed firms with about Rs 8,46,567 crore (USD 132.5 billion).
There are 29 pu…