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Gold gains Rs 164 to Rs 38,445 per 10 grams, silver gains Rs 595 to Rs 45,630 per kg

In the futures market, gold rate touched an intraday high of Rs 38,400 and an intraday low of Rs 38,292 on the MCX.

December 24, 2019 / 06:59 PM IST

Gold prices gained Rs 164 at Rs 38,445 per 10 grams in Mumbai's bullion market on a weaker rupee, disappointing US economic data and concerns relating to US-China interim trade deal supporting the safe-haven metal.

Trading volumes remained low as investors refrained from making any big bets ahead of the Christmas and New Year holiday.

The rate of 10 grams, 22-carat gold in Mumbai was at Rs 35,216 plus 3 percent GST, while that of 10 grams, 24-carat was gold Rs 38,445 plus GST. The price of 18-carat gold quoted at Rs 28,834 plus GST in the retail market.

Silver prices gained Rs 595 to 45,630 per kg from its closing on December 23.

The gold/silver ratio,which is the amount of silver required to buy one ounce of gold, currently stands at 84.25 to 1.

Close

In the futures market, gold rates touched an intraday high of Rs 38,400 and an intraday low of Rs 38,292 on the MCX. For the February series, the yellow metal touched a low of Rs 36,098 and a high of Rs 40,806.

Gold futures for delivery in February rose Rs 125, or 0.33 percent, on the MCX trading at Rs 38,382 per 10 grams in evening trade on a business turnover of 16,192 lots. Gold contracts for delivery in April gained Rs 112, or 0.29 percent, at Rs 38,415 per 10 grams in a business turnover of 4,395 lots.

The value of the February contract traded so far is Rs 1,852.52 crore and April contract saw the value of Rs 93.28 crore.

Similarly, Gold Mini contracts for delivery in January was higher by Rs 129, or 0.34 percent at Rs 38,360 in a business turnover of 8,062 lots.

Axis Securities advised its clients to buy February gold rates at Rs 38,350 per 10 grams with a stop loss at Rs 38,250 and target of Rs 38,500.

MCX Gold has support at Rs 38,240-38,130, whereas resistance is at Rs 38,490-38,650. Sideways to positive movement is expected for the day, according to Motilal Oswal. The brokerage firm advised its clients to buy on dip targeting resistance level of Rs 38,490-38,650.

The brokerage firm said spot gold has key support at $1,480 whereas resistance remains at $1,505.

At 11:54 am (GMT) spot gold was up $5.35 at $1,494.15 an ounce in London trading.
Moneycontrol News
first published: Dec 24, 2019 06:59 pm

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