In the futures market, gold rate touched an intraday high of Rs 38,099 and an intraday low of Rs 37,944 on MCX.
Gold prices rebounded on October 23 after falling for three consecutive days with the precious metal gaining Rs 116 to Rs 38,431 per 10 gram in the Mumbai bullion market.
The rate of 10 grams 22-carat gold in Mumbai was quoted at Rs 35,203 plus 3 percent GST while 24-carat 10 gram was Rs 38,431 plus GST. Silver price fell Rs 55 to Rs 45,535 per kg from its closing price on October 22.
In global markets, spot gold was up 0.1 percent at $1,489.07 per ounce while silver fell 0.2 percent at $17.49 an ounce.
The gold/silver ratio currently stands at 84.39 to 1, which means the amount of silver required to buy one ounce of gold.
In the futures market, gold rate touched an intraday high of Rs 38,099 and an intraday low of Rs 37,944 on MCX. For the December series, the yellow metal touched a low of Rs 32,289 and a high of Rs 40,771.
Gold futures for December delivery climbed Rs 173, or 0.46 percent on the MCX trading at Rs 38,054 per 10 gram in evening trade in a business turnover of 18,314 lots. Gold contracts for February delivery was up by Rs 158, or 0.41 percent, at Rs 38,303 per 10 gram in a business turnover of 3,612 lots.
The value of the December contract traded so far is Rs 2,457.30 crore and February contract saw value of Rs 178.72 crore.
Similarly, Gold Mini contract for November gained by Rs 110, or 0.29 percent at Rs 38,135 in a business turnover of 9,265 lots.
MCX Gold is expected to trade positively with support at Rs 37,900 levels and intermediate support at Rs 38,000 level, according to Motilal Oswal.
The brokerage firm advised its clients to buy targeting higher resistance at Rs 38,175-38,335 zone.At 12:06 pm (GMT), spot gold was trading at $1,493.81 an ounce in London trading.