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Last Updated : Dec 06, 2019 08:21 PM IST | Source: Moneycontrol.com

Gold price down marginally at Rs 38,175 per 10 gm; gains 0.41% for the week

The precious metal has gained Rs 156, or 0.41 percent for the week, while silver slipped by Rs 255 or 0.57 percent in the same period.

Gold price slipped marginally by Rs 6 to Rs 38,175 per 10 gram in Mumbai bullion market on the back of a strong rupee and mixed signals on the US-China trade talks.

The rate of 10 grams 22-carat gold in Mumbai was Rs 34,968 plus 3 percent GST, while 24-carat 10 gram was Rs 38,175 plus GST. The 18-carat gold quoted at Rs 28,631 plus GST in the retail market.

Silver prices jumped by Rs 135 to Rs 44,115 per kg from its closing on December 5.

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The precious metal has gained Rs 156, or 0.41 percent for the week, while silver slipped by Rs 255 or 0.57 percent in the same period.

The gold/silver ratio currently stands at 86.53 to 1, which means the amount of silver required to buy one ounce of gold.

Gold futures for delivery in February slipped Rs 45, or 0.12 percent on the MCX, trading at Rs 38,040 per 10 gram in evening trade in a business turnover of 17,438 lots. Gold contracts for April delivery were down by Rs 69, or 0.18 percent, at Rs 38,050 per 10 gram in a business turnover of 1,942 lots.

The value of the February contract traded so far is Rs 1487.74 crore and April contract saw a value of Rs 22.07 crore.

Similarly, Gold Mini contract for January was down Rs 36, or 0.09 percent at Rs 38,095 in a business turnover of 8,765 lots.

Axis Securities advised its clients to sell gold at Rs 38,000, with stoploss at Rs 38,100 and target of Rs 37,850.

MCX Gold has support at Rs 37,940-37,750 whereas resistance is at Rs 38,130-38,290. Sideways movement is expected for the day, according to Motilal Oswal. Price sustainability above the immediate resistance level of Rs 38,130 will give further momentum towards Rs 38,290 level.

The brokerage firm said spot gold has key support at $1,460 whereas resistance remains at $1,490.

At 12:48 pm (GMT) spot gold was trading marginally down $2.45 at $1,480.65 an ounce in London trading.

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First Published on Dec 6, 2019 07:48 pm
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