In the futures market, gold rate touched an intraday high of Rs 38,193 and an intraday low of Rs 38,020 on MCX.
Gold price slipped Rs 179 to Rs 38,275 per 10 gram in Mumbai bullion market on strength in the rupee, and Chinese officials comment that they will strive to reach an agreement with the US on the trade deal.
The rate of 10 grams 22-carat gold in Mumbai was Rs 35,043 plus 3 percent GST, while 24-carat 10 gram was Rs 38,275 plus GST. The 18-carat gold quoted at Rs 28,693 plus GST in the retail market.
Silver prices slipped Rs 240 to Rs 44,720 per kg from closing price on November 20.
The gold/silver ratio or the amount of silver required to buy one ounce of gold was at 85.58 to 1.
In the futures market, gold rate touched an intraday high of Rs 38,193 and an intraday low of Rs 38,020 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 delivery in December eased Rs 76, or 0.2 percent on the MCX trading at Rs 38,079 per 10 gram in evening trade in a business turnover of 9,635 lots. Gold contracts for February delivery were lowered by Rs 58, or 0.15 percent, at Rs 38,164 per 10 gram in a business turnover of 11,099 lots.
The value of the December contract traded so far is Rs 2,288.71 crore and February contract saw the value of Rs 282.58 crore.
Similarly, Gold Mini contract for December was down by Rs 69, or 0.18 percent at Rs 38,086 in a business turnover of 8,237 lots.
MCX Gold is expected to trade in a range-bound market having good support at Rs 37,900 level and resistance at Rs 38,200 level, according to Motilal Oswal.
The brokerage firm said spot gold is expected to trade in the range of $1,464-$1,475 range.At 13:04 pm (GMT) spot gold was down by $3.05 at $1,471.05 an ounce in London trading.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.