The rate of 10 grams 22-carat gold in Mumbai was Rs 36,612 plus 3 percent GST, while 24-carat 10 gram was Rs 39,969 plus GST.
Gold prices rose by Rs 69 at Rs 39,969 per 10 gram in the Mumbai bullion market on rupee's depreciation and strong US retail sales.
The precious metal was weighed down by increased appetite for riskier assets and global stock market hitting new highs after the US and China signed 'Phase One' agreement.
The rate of 10 grams 22-carat gold in Mumbai was Rs 36,612 plus 3 percent GST, while 24-carat 10 gram was Rs 39,969 plus GST. The 18-carat gold quoted at Rs 29,977 plus GST in the retail market.
According to Navneet Damani, Vice President, Motilal Oswal, gold in the last couple of sessions has been consolidating in a narrow range despite the optimism related to trade deal between US and China. Gains were limited for the yellow metal after retail sales number that was released from the US beat estimates.
Today, market participants will be keeping an eye on the industrial production and housing number to gauge a view for gold prices.
For the day, broader trend on Comex could be $1,540-1,570 and on domestic front prices could hover in the range of Rs 39,550- 39,900, added Damani.
The gold/silver ratio currently stands at 88.85 to 1, which means the amount of silver required to buy one ounce of gold.
Silver prices gained Rs 285 to 46,555 per kg from its closing on January 16.
The precious metal has gained Rs 209, or 0.52 percent for the week and up 1.85% in 2020. While silver prices gained Rs 375, or 0.81 percent to Rs 46,320 per kilogram in the same period but down 0.24 percent in 2020.
In the futures market, gold rate touched an intraday high of Rs 39,836 and an intraday low of Rs 39,702 on MCX. For the February series, the yellow metal touched a low of Rs 36,098 and a high of Rs 41,293.
Gold futures for delivery in February rose Rs 127, or 0.32 percent on the MCX trading at Rs 39,813 per 10 gram in evening trade in a business turnover of 12,057 lots. Gold contracts for April delivery gained Rs 115, or 0.29 percent, at Rs 39,934 per 10 gram in a business turnover of 11,420 lots. The far month June contract was trading up by Rs 30, or 0.08 percent at Rs 39,991 per 10 gram with a business volume of 392 lots.
The value of the February contract traded so far is Rs 1,932.81 crore and April contract saw the value of Rs 153.26 crore.
Similarly, Gold Mini contract for February jumped by Rs 121, or 0.30 percent at Rs 39,797 in a business turnover of 8,793 lots.
Axis Securities advised its clients to sell February gold at Rs 39,670 with stoploss at Rs 39,800 and target of Rs 39,450.
MCX Gold has support at Rs 39,580-39,470 whereas resistance is at Rs 39,850-40,050. Bias remains sideways to positive for the day, according to Motilal Oswal. The broking firm advised its clients to buy on dip targeting resistance level of Rs 39,850-40,050.
The brokerage firm said spot gold has intraday support at $1,530 whereas resistance is at $1,570.At 12:15 pm (GMT), spot gold was up $4.46 at $1,556.89 an ounce in London trading.
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