GET LIVE MCX PRICE AND TIPS GIVE A MISSED CALL TO >>>> 08040751836

Friday saw another rise in the price of gold, a 16 per cent rise since the year began. However, with rising prices, the market has also slipped into a historically high discount for physical delivery.

 FOR LIVE MCX PRICE AND TIPS GIVE A MISSED CALL TO >>>> 08040751836

In the past two days, a discount of $30 an ounce or higher (Rs 680-700 per 10g) was quoted. In Ahmedabad on Friday, it was $32.5 an oz, by NCDEX poll data.

Traders said in December, when prices were at a bottom, huge imports took place, higher than demand, and dealers had inventory of around 50 tonnes. That is now being offloaded with the rise in prices. Sudheesh Nambiath,lead analyst with GFMS Thomson Reuters, said: “Such a discount goes well with our demand estimates that there was heavy stocking in the December-ending quarter. With the price in rupee terms rallying significantly since January, it is only normal to see the metal up for sale.”

On Friday at Zaveri Bazar here, standard gold of 0.995 purity in the spot market closed nearly one per cent or Rs 275 per 10g higher, to close at Rs 29,110. On Thursday, on the Multi Commodity Exchange (MCX), futures gold was quoted above Rs 30,000 per 10g.

Since November, 300-325 tonnes of import is estimated to have happened. Nambiath said, “In some cases, it’s even better for jewellers to melt down their jewellery and sell as bars than wait for customers to come to their stores.”